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Debut IPSX listing postponed

IPSX to wind down

The proposed debut listing on the International Property Securities Exchange (IPSX) has been postponed.

The initial public offering (IPO) of shares in the Mailbox REIT, which owns the Mailbox, a large prime office-led mixed use property in Birmingham, has been postponed due to a potential acquisition of M7 Real Estate by a global institutional commercial real estate investor and asset manager.

M7 Real Estate is the current ultimate beneficial owner of the the Mailbox and, post IPO, would act as both the company’s asset manager in respect of the property and as its AIFM, through its subsidiary M7 Real Estate Financial Services.

The board of Mailbox REIT said that while it and M7 Real Estate’s management team remained fully committed to the IPO, all parties felt it prudent and fair to prospective shareholders to wait until there is certainty regarding any potential transaction before continuing with an IPO.

It is anticipated that there will be clarity regarding the transaction in January 2021. Any subscriptions received to date will be returned in full pending that announcement.

The IPSX is the first exchange of its kind dedicated to the listing of single property REITs. We interviewed IPSX head of capital markets Roger Clarke in November. To listen to it click here.

M7 Real Estate is also the investment adviser to Alternative Income REIT.

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