Metric Property Investments, a UK-incorporated specialist retail property investment company led by British Land veterans, has announced its initial public offering (IPO) which will make it one of the first real estate investment trusts (REIT) to debut on the stock exchange in the UK.
Metric Property Investments, a UK-incorporated specialist retail property investment company led by British Land veterans, has announced its initial public offering (IPO) which will make it one of the first real estate investment trusts (REIT) to debut on the stock exchange in the UK.
Headed by Andrew Jones, the former head of retail at British Land, Metric said it aimed to raise gross proceeds of £150 mln (EUR 165.5 mln) and is applying for admission to trading on the main market of the London Stock Exchange (LSE). Unconditional dealing is expected to commence on 24 March 2010.
Aside from CEO Andrew Jones, the company's highly experienced team includes directors Valentine Beresford (previously European director at British Land), Mark Stirling (previously asset management director at British Land) and Sue Ford (formerly finance director of Ingenious Media and the Channel 4 Group). The property directors, Metric said, have a track record of assembling retail investment portfolios, which consistently outperformed relevant IPD benchmarks.
The company's strategy will be to take advantage of the 'significant opportunities for value creation' in the retail sector as a result of the cyclical downturn and structural re-pricing.
