Crown Group plans $1bn flotation in 2021

George Sell By George Sell
30 September 2018 | Updated 30 September 2018

Australia: Sydney developer Crown Group is planning to become a publicly listed company in 2021.

Crown Group's chairman and CEO Iwan Sunito said he is working through three phases of his business, culminating in a public float: "My first phase is to bed down a joint venture with a Japanese partner, then making them a long-term investor and then a public float of not less than $1 billion. We are aware of the issues of being a public company, but we are already very transparent and a listing will take the company to the next level."

Before the listing Sunito plans to create a national business by sourcing developments in Melbourne and increasing Crown Group's presence in Brisbane. He confirmed Crown was close to securing a development site in Melbourne's CBD and is signing with a Japanese-based joint venture partner as part of its expansion program.

Crown Group is one of the biggest apartment developers in Sydney, with a mixed portfolio of serviced apartments, residential sales and build-to-rent.

Its Skye Suites Sydney property opens its doors next month. Located at 300 Kent Street, the the 25-storey multi-residential tower sits within Arc by Crown Group, offering serviced apartments for short-term and long-term stay guests.

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