Leeds landmark to float on property stock exchange
A Leeds landmark is set to float on the property stock exchange as it owner has confirmed plans to start marketing the site.
M7 Real Estate, a pan-European investor and asset manager, acquired Bridgwater Place in November for £84.5m and at the time revealed plans for a proposed initial public offering on IPSX – the property stock exchange. However following the news that Mailbox REIT became the first company to have shares admitted to the new property-focused stock exchange, M7, which owns 70% of Mailbox REIT, states it wants the iconic city centre building to be the second IPO on the new exchange.
IPSX, is a new Regulated Investment Exchange regulated by the FCA and the world’s first such exchange dedicated to commercial real estate assets.
The skyscraper comprises 234,000 sq ft of grade A office space, and is around 90% let to EY and multinational law firms DWF and Eversheds.
Bridgewater Place also includes approximately 200 residential units, which are separately owned.
Richard Croft, executive chairman of M7 Real Estate, said: “With Mailbox REIT having successfully become the first company to have its shares admitted to trading on IPSX today, we are now looking to build on that momentum by advancing our plans to bring Bridgewater Place in Leeds to market as the second IPO on this new dedicated property exchange in the coming months.
“Bridgewater Place is another flagship regional UK office building and offers income returns underpinned by strong tenants.”