The founder of the PIK group, Kirill Pisarev, announced plans to conduct an initial public offering (IPO) of his company The Collection, which specializes in luxury real estate management. Prior to that, he plans to sell 20-25% of the firm to a private investor. The share to be placed on the market has not yet been determined.
“A private investor is the first stage of raising capital. And according to the classics of the genre, in two or three years we must enter the public market, thereby providing an opportunity for our investors to enter, ”said Mr. Pisarev to RBC. The Collection is represented in the capital market by Bank of America.
Kirill Pisarev did not disclose how much The Collection is currently estimated at. According to him, he owns more than 90%, the remaining 10% belongs to small shareholders, including the development company Wainbridge, which is also co-owned by Mr. Pisarev.
The Collection was founded in 2016. The company owns and operates eight properties in France, the Isle of Saint Barthélemy and the UK. The total cost of the objects is more than € 350 million, the annual revenue is € 20 million. The company also owns a portfolio of projects under development worth more than € 400 million. The Collection includes more than 20 companies in the EU, Great Britain and the United States.
The company announced plans to sell 25% of The Collection shares in the fall of 2020, but the deal has not yet taken place. Mr. Pisarev is known as one of the founders of the PIK group, over which he lost control during the 2008-2009 crisis.
Read more about the plans to sell shares in The Collection – in the material of Kommersant, “The developer will share the collection.”