American Leisure defies market downturn to float.
Investors Chronicle - magazine and web content, August, 2007
American Leisure, a GBP200m developer of holiday resorts in Florida, has defied the market downturn to raise GBP75m for its Aim float. Graeme Davies
Despite wobbly equity market sentiment, and concern over the US housing markets, a Florida-focused holiday resort developer has still managed to squeeze GBP75m out of London institutions for its float this week.
American Leisure Group has built up a land bank in and around the major holiday parks of Florida, on which it will build up to 7,000 units. The company has already sold its first 700 units off plan to UK and Irish investors, buoyed by the weakness of the US dollar, which should realise more than $300m (GBP149m) in sales.
Properties or times shares will be sold to holidaymakers. American...
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