M7 Real Estate is planning to list a closed-ended investment company that holds a £228.9m (€260m) warehouse portfolio on the UK’s international property securities exchange IPSX next month.
The manager has set up M7 Box+ REIT to acquire the portfolio of seven let and operational e-warehouse properties across the UK from the M7 Box+ II fund.
The proposed listing on IPSX is expected to allow the Jersey-based M7 Box+ II fund investors to benefit from an investment in a UK vehicle that should offer liquidity and also benefit from the advantages of the UK government’s real estate investment trust (REIT) regime. M7 will directly own 4.69% of the company’s share capital after admission.
There will be no fundraising exercise upon admission to IPSX which is expected to occur in April.
Richard Croft, executive chairman of M7, said: “The proposed admission of M7 Box+ REIT to IPSX Wholesale further emphasises the platform’s ability to act as a capital markets alternative for property owners, being the fourth company to list on the exchange in two years.
“In this case, IPSX has allowed investors in a Jersey-based fund to onshore their investment into a new vehicle that benefits from the UK government’s tax-efficient REIT regime with shares traded on a regulated and liquid exchange.
“M7 Box+ REIT, initially comprising seven let and operational assets which are immediately income producing, will invest in a geographically diversified portfolio of e-warehouse properties across the UK.”
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