Mailbox advances plans to float in IPSX first

Mailbox REIT, an office property investment trust backed by a major asset in the UK city of Birmingham, has published an intention to float notice for admission to the International Property Securities Exchange (IPSX). 

Mailbox will be listed on the wholesale market of IPSX, the UK's newest regulated exchange for securitised commercial real estate, as of mid-April.

The firm originally planned to float on the new market back in October 2020, before pushing back plans to November, and eventually shelving its intentions until 2021.

The announcement heralds the opening of the exchange, which is the first to be launched in the UK in seven years and marks a significant innovation for the City of London.

Alan Ramsay, UK chief executive of IPSX commented: 'We are delighted to be working with M7, the owners of the Mailbox, and welcome the news from the Mailbox REIT, a large prime office-led mixed-use asset in Birmingham, of its intention to float notice for admission to trading on IPSX Wholesale.

'We look forward to the first day of trading in a matter of weeks. The exchange is an example of innovation in the London capital markets and reinforces that the City is very much open for business. We look forward to announcing and welcoming further new admissions in the near future.'

The Mailbox is located on a 19,400 m2 canal side site in Birmingham, the UK’s second largest city. It comprises approximately 698,000 ft2 (64,800 m2) of primarily office space, anchored by the BBC, with an ancillary retail and leisure offering.

WH Ireland Limited is IPSX lead adviser and broker on the IPO.


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