Mailbox set to list on London's new IPSX

Mailbox has set out its plans to become the first single-asset real estate investment trust listed on the new International Property Securities Exchange.

The company owns a large prime office-led mixed use property in Birmingham which has been independently valued at £179m.

Now it aims raise as much as £62.5m, before expenses, by means of a placing, offer for subscription and intermediaries offer.

The IPSX, which is regulated by the FCA, is the world's dedicated exchange to IPOs and secondary market trading for companies with institutional grade real estate assets and multiple assets with commonality.

M7 Real Estate Financial Services will act as the alternative investment fund manager with M7 Real Estate act as asset manager for the company's subsidiaries.

WH Ireland had been chosen as its lead adviser and Panmure Gordon as joint bookrunner.

Mailbox also said it intended to become a REIT to which Part 12 of the UK Corporation Tax Act 2010 applies.