Kazakhstan property company Chagala has raised $104 mln (EUR 79.35 mln) in an initial public offering (IPO) in London, aimed at further expansion in Kazakhstan. The firm sold 19.7 million global depository receipts at EUR 7.43 each, which is the maximum price in the range used to market the sale, researchers at merchant bank Kempen & Co said. Chagala may increase the offer by EUR 12.2 mln.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
