Energean weighs IPO to fund Israeli gas plan

LONDON/ATHENS (Reuters) – Greek energy firm Energean is considering listing on the London Stock Exchange to raise cash for a $1.5 billion development of gas fields off Israel’s coast, sources familiar with the matter told Reuters. Energean, Greece’s sole oil producer, said in a statement it was in the process of developing Israel’s Karish and Tanin offshore fields and was “engaged in a range of contracting and financing discussions to achieve this.” “We are currently examining all options of funding the project’s requirements,” a company spokesman said in an email, without saying if this included a public listing. Four sources, including three banking sources, told Reuters that investment banks Morgan Stanley and Citi were advising the firm on the initial public offering (IPO) process. If management opted for an IPO, the listing would take place next year although it was unclear how much cash Energean would seek to raise, the sources said. Energean, a private exploration and production firm operating in the Eastern Mediterranean, and private equity fund Kerogen Capital bought the Karish

Residential rental rates have been on a steady rise over the last two years. Besides high property taxes making ownership too expensive for many Greeks, the supply of homes to let has fallen, particularly since late 2015, due to the shortterm lease phenomenon. Rent hikes reach up to 25 percent in some areas, agents say.