Property manager Azora Altus (AZRA.MC) is dropping its planned market debut and postponing a listing on the Spanish stock exchange amid uncertainty arising from Blackstone’s (BX.N) bid for its Hispania (HIS.MC) real-estate business.
Last month Blackstone agreed to buy 16.65 percent of Hispania and said it would make a full takeover bid for the company through its vehicle Alzette Investment.
Azora planned to raise 500 million euros in an initial public offering set for May 11.
The decision was taken “given the uncertain future of Hispania, resulting from the takeover offer announced by Alzette Investment and its potential impact on Azora’s proposed business plan and on the bookbuilding process”, Azora said.
Hispania, a real estate investment trust, contributes an important part of Azora’s revenue.