Business news

Real estate fund Equinox seeks floatation

Ljubljana, 28 July (STA) - Equinox, a real estate fund created with the split of the real estate branch from the rest of the Group Union Hoteli, has become operational. Its shares are expected to be listed on the Ljubljana Stock Exchange in the autumn.


Equinox's portfolio includes four hotels in Ljubljana - Grand Hotel Union, uHotel, Hotel Lev and The Fuzzy Log, and the building housing the newspaper publisher Delo.

Around 65,000 square metres of real estate managed by the fund also features the premises housing the bus operator Nomago, and commercial space in the centre of Ljubljana, the company said on Wednesday.

Matej Rigelnik, the CEO of both Group Union Hoteli and Equinox, was quoted as saying that the creation of the fund was the apex of a multi-year investment cycle in the group.

He added that this follows the trend in the developed world where owners of hotels are not owners of the property.

"Our goal is to create a transparent fund interesting to investors and modelled after similar players in the US and Europe," said Rigelnik, who assessed the initial value of the fund at between EUR 50 million and EUR 100 million.

In the long run, he does not see the fund as a major player only in commercial real estate but also in housing.