Pan-European investor and asset manager, M7 Real Estate, has unveiled plans to progress the listing of UK office building Bridgewater Place on the International Property Securities Exchange (IPSX).
M7 said that it had reached a new agreement with the owners of Bridgewater Place in central Leeds to acquire the building, and would now bring forward the proposed initial public offering of the property on the wholesale market of the IPSX, with a target admission date in March 2022.
Richard Croft, executive chairman of M7 Real Estate, commented: 'Following the successful listing of the Mailbox REIT and the M7 Regional E-Warehouse REIT on IPSX last year, our aim is now to build on that momentum early in 2022 with a third listing on the new exchange.
'Bridgewater Place is a first class regional UK office building with a strong tenant base and income profile which we believe also presents a great opportunity to both create value through asset management and capex, and benefit from the increasing occupier demand for good quality workspace in the UK’s second cities caused by changing workplace habits.'
Bridgewater Place comprises 234,000 ft2 (21,740 m2) of grade A office space and is around 90% let to EY and multinational law firms DWF and Eversheds. It is the tallest building Leeds, the UK’s third largest regional metropolitan area and economy.