Mailbox REIT completes debut listing on IPSX
Birmingham’s Mailbox office complex has completed its long-awaited listing on the IPSX market, becoming the first IPO on the property-focused exchange.
Mailbox REIT, set up last year by Mailbox owner M7 Real Estate to list the asset, has raised £25.8m from the issue of 84.8m shares, or 30.5% of its share capital. The stock will start trading on IPSX’s Wholesale market at 9am today.
Investors in the IPO include flexible office operator IWG as well as other institutional and family office investors. M7 will retain 70% of the REIT’s shares.
Birmingham’s Mailbox office complex has completed its long-awaited listing on the IPSX market, becoming the first IPO on the property-focused exchange.
Mailbox REIT, set up last year by Mailbox owner M7 Real Estate to list the asset, has raised £25.8m from the issue of 84.8m shares, or 30.5% of its share capital. The stock will start trading on IPSX’s Wholesale market at 9am today.
Investors in the IPO include flexible office operator IWG as well as other institutional and family office investors. M7 will retain 70% of the REIT’s shares.
The successful listing brings to a close months of delays, during which the IPO was moved from IPSX’s Prime segment, which targets retail investors, to the Wholesale segment, aimed at institutional and professional investors.
Richard Croft, executive chairman of M7 Real Estate, said the company is now preparing to list a second building, Bridgewater Place House in Leeds, on IPSX in the coming months.
Stephen Barter, chairman of Mailbox REIT, said: “In becoming the first company to be admitted to and have its shares traded on IPSX, Mailbox REIT has carved out a unique place in the history of real estate capital markets investment.”
WH Ireland has acted as IPSX lead adviser on the listing.
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