Real estate initial public offerings have kick started Spain's equity capital markets while France's first flotation on Euronext this year was also from the property sector. Four real estate IPOs expected from the countries this year are set to raise €1.4bn ($1.7bn) between them.

Spanish property developer Renta Corporación is to float next week in a deal led by Morgan Stanley and Santander Central Hispano that could raise €250m. Renta will be followed by Spanish real estate company Parquesol Inmobiliaria, which is considering an IPO that could raise €350m and value the company at €1bn.