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Aug. 27 (Bloomberg) -- Foxtons Group Plc, a real estate broker based in London, plans to raise 55 million pounds ($86 million) through an initial public offering and will use the proceeds to repay all of its debt.

An affiliate of BC Partners Ltd., the private-equity firm that bought Foxtons in 2007, will sell some of its shares in the IPO, the broker said in a statement today. Some Foxtons executive directors and employees will also have the opportunity to sell shares, according to the statement.

Foxtons is benefitting from London’s booming housing market, where demand drove U.K. house prices to a record in July. British home prices climbed 2.6 percent from a year earlier, and the increase would have been 1 percent without London, real estate researcher Acadametrics and LSL Property Services Plc said on Aug. 9.

The broker has 40 of its 42 branches in London and sells homes mostly at prices from 200,000 pounds to 1.4 million pounds, according to the statement. Foxtons had revenue of 120 million pounds last year and adjusted earnings before interest, tax, depreciation and amortization of 38.3 million pounds.

Foxtons said the offering will represent about 50 percent of the company’s issued share capital and it expects the shares to begin trading in London next month. Credit Suisse Group AG and Numis Securities Ltd. are joint sponsors and bookrunners for the IPO, while Canaccord Genuity Ltd. is serving as co-lead manager. Rothschild is acting as financial adviser.

BC Partners bought Foxtons, founded by Jon Hunt in 1981, for about 390 million pounds in May 2007.

To contact the reporter on this story: Patrick Gower in London at

To contact the editor responsible for this story: Andrew Blackman at

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