Italian real estate company Group has launched a REIT, having postponed the plan last year.
The 鈧�5bn investor, owner of New York鈥檚 Flatiron building, has been given authority by Italian regulator Consob to offer shares in a controlled subsidiary, Sorgente Real Estate System (RES).
The offer, which could raise as much as 鈧�439m, is open until 9 October.
Sorgente applied to Borsa Italiana for SIIQ (societ脿 di investmento immobiliare quotata) status .
RES is Italy鈥檚 third REIT.
As , Sorgente, which owns assets such as Galleria Colonna in Rome, postponed the IPO due to volatility in financial markets.
Sorgente said a listing remained a strategic objective for this year, 鈥済iven the interest shown by the market鈥�, particularly coming from foreign institutional investors.
At the time, chairman and chief executive Valter Mainetti said in a statement the project to list Sorgente RES remained a priority.
Italian media reported that the offering could be worth 鈧�500m-600m.
Sorgente, the first company to launch a dedicated institutional real estate fund for Italian investors, last year held roadshows in London, New York and Amsterdam to attract foreign capital.
