IN BRIEF: Vista Parcs launches retail offer for float on London's AIM
Vista Parcs Group Ltd - entity proposing to acquire a portfolio of UK holiday and residential parks - Announces the launch of a conditional retail offer ahead of its planned initial public offering on AIM in London, with the issue price to be determined at the close of the bookbuilding process. Expects admission to take place at the London market open on Tuesday, March 31. Vista Parcs is also conducting a placing of new shares to institutional investors, as announced on Monday. Says it seeks to benefit from structural market growth trends, supported by the UK’s ageing population, an increase in staycations, and residential housing shortages. Highlights its board’s ‘significant sector experience’. Intends to acquire the 13 holiday and residential parks for consideration of £68.5 million, a discount to Knight Frank LLP’s independent valuation of approximately £80.5 million.
Vista Parcs says the portfolio generates multiple recurring income streams, including inflation-linked pitch fees and rental income, and it has near-term opportunities to grow capacity. Expects to be cash-generative and pay its first dividend within the first year following admission to AIM. Its strategy ‘will be to focus on accelerating unit sales across its sites, converting certain holiday units to higher-margin residential units and expanding its sales function.’
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