Metric Property Investments has become the first new firm to IPO and list on London Stock Exchange as a real estate investment trust (REIT). The shares of the UK-incorporated specialist retail property investment company were admitted to trading on the exchange on Wednesday morning.
Metric Property Investments has become the first new firm to IPO and list on London Stock Exchange as a real estate investment trust (REIT). The shares of the UK-incorporated specialist retail property investment company were admitted to trading on the exchange on Wednesday morning.
Metric raised £175 mln (EUR 196 mln) in its IPO with £6.5 million invested on an equal footing basis by the directors. Oriel Securities and J.P. Morgan Cazenove are acting as joint sponsors, financial advisers and bookrunners.
The company said that it will use the proceeds to take advantage of the significant opportunities for value creation in the retail sector as a result of the current cyclical downturn and structural re-pricing.
