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Spain’s Merlin Reduces IPO Size as Investor Appetite Drops

Merlin Properties SA, a Spanish real estate investment trust, reduced the size of its initial public offering to 1.25 billion euros ($1.7 billion) from an earlier plan to raise about 1.5 billion euros.

Merlin will sell 125 million shares at 10 euros apiece, the REIT said in a statement today. Merlin, based in Madrid, had received 600 million euros of commitments from investors including Moore Capital Management LLC, it said in a prospectus on June 13.