Ado plans IPO to raise 400m euros

Berlin

ADO Properties SA, a residential real estate investor focused on Berlin, plans to raise at least 400 million euros (S$598 million) in an initial public offering (IPO) this year.

Ado, whose parent company Ado Group Ltd is already traded in Tel Aviv, will sell shares on the Frankfurt exchange, Ado said on Tuesday. The company owns about 13,700 homes and 700 commercial properties in Berlin valued at 1.2 billion euros, according to the statement.