ASX-hopeful Aventus Property, a real estate and funds management-business controlled by wealthy retail baron Brett Blundy, is worth more than $900 million, according to information sent to prospective investors today ahead of the launch of an institutional roadshow.
Macquarie and Morgans are leading the initial public offering of the 14 large-format retail centres and five funds.
According to the note, gearing on the newly listed real estate investment trust will be low with the yield set at close to 7 per cent.
While the portfolio is valued at more than $900m, the trust’s market capitalisation is expected to hit between $600m and $700m.
The roadshow is due to start shortly and, according to the note, the brokers will be focusing on the company’s ability to expand and diversify the platform.
The business, previously named BBRC, has already evolved from a bulky goods business to a broader retail offering that includes household goods, supermarkets, leisure, gyms and medical services.
As reported by The Australian earlier this year, Mr Blundy is expected to tap the public markets for $500m to list the $900m portfolio.