Valeria Martinez, Investment Week, 5 September 2023:
Real estate stock exchange IPSX, or International Property Securities Exchange, is winding down its operations after four years.
The exchange, which launched in 2019, was dedicated to the initial public offering and secondary market trading of real estate investment trusts owning single institutional grade commercial real estate assets, or a group of multiple assets with commonality.
IPSX had just three companies listed, including Mailbox REIT, which was the first to list on the exchange in May 2021, M7 Regional E-Warehouse REIT and BWP REIT.
The firm said its secondary market operations will continue through the wind-down period of 90 days from today (5 September) and the buying and selling of shares in its listed REITs will continue as normal. IPSX has been contacted for comment…
Stephen Barter, chair of Mailbox REIT, a single mixed-use asset in Birmingham, said: “While we are sad to learn that IPSX is to wind down, we have been preparing for the possibility of such an outcome.
“We are finalising arrangements for listing and trading on an alternative platform, where access to trading and liquidity will be improved, while protecting the interests of all our shareholders.”
Richard Williams, property analyst at QuotedData, said that after four years and just three listings, “the writing was on the wall” for the IPSX.
“It can blame bad luck to some degree, with rising interest rates and economic uncertainty choking off new investment, but it seems to me that from the start it was offering a solution to a problem that did not exist,” he said.
Read more here