Property fund manager Primewest will list on the ASX this week after hitting its $100 million mark.
The pending listing values Perth-based Primewest, founded by John Bond, David Schwartz and Jim Litis, at a market capitalisation of $349 million.
The company opened its IPO to existing Primewest fund investors and institutions, with the $100 million in IPO shares representing a 29 per cent stake in the company.
Primewest executive chairman John Bond, son of the late Alan Bond, said it was encouraging for the company to list oversubscribed in the current market.
“Going public after 25 years will allow us to take this business to the next level and explore even greater opportunities in Australia and overseas,” Bond said.
Primewest secured a $13 million office building in San Diego late September (lead image). The US acquisition followed a purchase of another San Diego based shopping centre in Chula Vista last year.
“With a solid business across all property sectors and all mainland states of Australia and a burgeoning business in the US, we will be primed to take advantage of opportunities wherever they occur.”
Primewest controls $3.9 billion worth of property assets across 75 funds and seven asset classes, including commercial, industrial, retail and residential. More than half of the fund’s assets are based in Western Australia.