The timetable for the first listing on property stock exchange IPSX has been pushed back by two weeks.
Mailbox REIT, which has been set up to float Birmingham’s office-led Mailbox on the new market, said it has received “significant interest from retail investors” and that a delay to the IPO was needed “in order to deal with this interest”.
The company has pushed back the date by which applications for shares are due to 29 October from 15 October, with admission to IPSX now expected on 5 November rather than 21 October.
The first IPO for IPSX has been long awaited. Announcing the deal earlier this month, Richard Croft of M7 Real Estate – which is floating the Mailbox – described the market as “transforming and democratising real estate investment”.
Mailbox REIT has also updated the market regarding rent collection, saying that as of 12 October, rent collection for the second quarter was “marginally below” the 82.3% achieved in the March quarter.
In the prospectus for the IPO, the company noted that some of its retail and food and beverage tenants have struggled during the Covid-19 pandemic. Some of the £63m raised in the IPO will be used to finance a refurbishment programme that will convert some of the building’s retail space into new office space.
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