A stock market listing of Birmingham’s Mailbox office complex is being attempted again – but this time targeting institutional rather than retail investors.
Mailbox REIT, set up by asset owner M7 last year to list the property on the real estate-focused IPSX exchange, plans to float on IPSX Wholesale on 19 April. The IPO will be the long-awaited first listing on the exchange, which aims to provide investors with a new way to put money to work in real estate.
The proposed deal marks a change of tack from the REIT. IPSX Wholesale targets institutional and professional investors, while the group’s other market, IPSX Prime, allows investment by retail investors.
Mailbox REIT had planned to list on the Prime segment last year, but the deal was hit by several delays, including unexpectedly high demand from retail investors, the need to finalise a letting with IWG and M7’s own takeover by Oxford Properties.
The latter transaction was struck in January and is expected to complete by the summer.
WH Ireland is continuing its role as broker on the Mailbox listing.
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