The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
LESS THAN 30 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
4 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailStaff WriterWed 17 Jun 15

Metro Property Defers ASX-listing

d

Brisbane-based Metro Property Development has deferred its $370 million ASX float to August following weaker than anticipated subscriptions.

Metro’s decision followed a previous move to cut back the targeted amount raised from $225 million to $170 million.

The developer had expected a stronger response from investors with $130 million already committed by Australian institutional investors and $40 million from retail investors through Moelis & Co and Morgans.

Also See: Metro Plans 400 Apartments for South Brisbane Hotspot

Metro's management, led by founders David Devine (pictured), Luke Hartman, and Ken Woodley were to retain a 46 per cent of the company.

Metro Chief Executive Luke Hartman said in a statement that a fund raising process with institutional investors had been “well supported and achieved the targeted capital raising”.

“However, the demand for shares did not give the company confidence that there would be a strong aftermarket performance and therefore Metro has decided to wait until equity market conditions improve,” Mr Hartman said.

Metro is an integrated residential property developer and wholesale home builder with a national platform that was founded five years ago.

Over the past five years, Metro has delivered and sold more than 2,500 apartments, townhouses and homes across Australia.

ResidentialAustraliaSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
View All >
Residential

Consolidated Reveals Next Riverfront Play in $64m Deal

Leon Della Bosca AND Taryn Paris
The City of Melbourne has opted to keep Greenline in the 2025-26 Budget.
Policy

Melbourne Budget Puts Paid to Greenline Future Fears

Marisa Wikramanayake
Markets

Private Credit’s Biggest Risk in Expansion: Sameer Chopra

Taryn Paris
In this exclusive member-only webinar CBRE head of research Sameer Chopra explores the growth of the private credit mark…
LATEST
Residential

Consolidated Reveals Next Riverfront Play in $64m Deal

Leon Della Bosca AND Taryn Paris
3 Min
The City of Melbourne has opted to keep Greenline in the 2025-26 Budget.
Policy

Melbourne Budget Puts Paid to Greenline Future Fears

Marisa Wikramanayake
4 Min
Markets

Private Credit’s Biggest Risk in Expansion: Sameer Chopra

Taryn Paris
2 Min
Deicorp Five Dock Mixed-Use Precinct
Residential

Deicorp’s $1.8bn Inner-West Sydney Precinct Greenlit

Vanessa Croll
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/metro-property-defers-asx-listing