New York Times staffer Chad Bray reports that Countryside Properties, a British home builder that is majority owned by the American private equity firm Oaktree Capital Management, said it plans to list its shares in an initial public offering in London next month.
Oaktree [a majority shareholder in the ownership of BUILDER parent Hanley Wood] acquired its shares of Countryside in 2013 from Lloyds Banking Group, and now reportedly plans to sell shares in the offering. Bray notes that Countryside plans to list a minimum of 25% of its shares in the offering, aiming to raise $165 million. Bray writes:
Countryside said it expected to use proceeds from the offering to pay down its debt and accelerate development at several housing sites.