* Ronesans offers shares at 5-6.4 lira each - source
* Up to $300 mln listing to be completed next month
(Adds detail, background)
By Alexandra Hudson
ISTANBUL, April 26 (Reuters) - Turkish commercial real estate firm Ronesans is offering its shares for between 5 and 6.4 lira ($3.3 to $4.2) each in a planned Istanbul listing next month, a source close to the deal said on Tuesday.
Ronesans, or Renaissance as it is known in English, has applied to list around 25 percent of its shares in the offering, in which it aims to raise around $250 million to $300 million, according to another source close to the deal. [ID:nLDE73A0HJ]
The company, which operates in Turkey and Russia and focuses mainly on developing and investing in shopping centres and offices, plans to use the funds to buy new land and properties.
The current estimated value of Ronesan's properties was 2.2 billion lira, Chief Executive Cenk Arson told reporters on Monday, adding that the company planned a 700 million euro investment in the next three years. [ID:nLDE73O097]
The offering, being run by Credit Suisse, Deutsche Bank and Garanti Securities, is expected to be completed by mid-May.
The firm plans to sell 71.5 million new shares in the listing, while parent company Ronesans Holding will sell 6.2 million existing shares.
Around 70-80 percent of the offering is expected to be sold to foreign investors, Arson said.
Despite a choppy start to the year for initial public
offerings (IPOs) in Europe, Istanbul has seen some successful
floats including a 400 million lira offering by cash-and-carry
firm Bizim
(Writing by Kylie MacLellan, Editing by Simon Cameron Moore and Erica Billingham)
($1=1.529 Turkish Lira)