Mailbox REIT, the first company to float on the UK’s International Property Securities Exchange (IPSX), has raised £25.9m (€30m) in its initial public offering, from investors including flexible workspace provider IWG.
The single-asset real estate investment trust which owns the Mailbox, a prime office-led mixed-use property in Birmingham, said the capital has been raised from a number of institutional and family office investors including IWG, which is also an occupier of the Mailbox.
M7 Real Estate the owner of the Mailbox property and asset manager will retain a 70% in Mailbox REIT as the newly listed company begins trading on IPSX today.
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.
”The board and I look forward to working on behalf of the Company and its shareholders as we emerge from the worst of the pandemic and towards a brighter outlook where Birmingham is set to benefit from positive structural trends, including continued decentralisation, which will help support the Mailbox’s target returns alongside the active asset management plan already underway.”
In November last year, M7 announced plans to buy the Bridgewater Place office building in Leeds in an £84.5m deal and float the asset on IPSX.
Richard Croft, executive chairman of M7 Real Estate, said it is now advancing its plans to bring Bridgewater Place House office building to market as the second IPO on IPSX in the coming months.
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