WH Ireland acts as Lead Adviser & Bookrunner on first IPSX IPO for Mailbox REIT plc

WH Ireland is proud to have acted as Lead Adviser and Bookrunner to Mailbox REIT plc, who became the first ever company to be admitted to the new International Property Stock Exchange’s Wholesale Market (IPSX Wholesale), raising £25.8 million. Dealings began on Friday.

The Mailbox REIT provides exposure to a prime regional investment opportunity (The Mailbox Building, Birmingham), with long term secure income and value enhancement potential. The Mailbox is an iconic office-led mixed-use asset located in central Birmingham within a four-minute walk of Birmingham New Street Station. It provides Grade-A offices, leisure, retail, public space and car parking.

IPSX is the world’s first FCA regulated and approved Recognised Investment Exchange dedicated to the initial public offering and secondary market trading of single institutional grade real estate assets and multiple assets with commonality.

Richard Croft, Executive Chairman of M7 Real Estate, commented, “M7 is incredibly proud to be part of this landmark occasion in our sector and we are looking forward to advancing our strategic plans for Mailbox REIT as a listed company on IPSX. The Mailbox offers long dated income streams, underpinned by very low-risk high-profile tenants, as well as significant income and value enhancement potential. The investment is underpinned by the strengthening fundamentals of the Birmingham market, which is attracting growing occupier demand with a number of major blue-chip companies moving into the City as we have seen most recently with Goldman Sachs International’s announcement of its intention to open a technology centre there. With an improving outlook and an expected economic recovery, we are well positioned to deliver for the investors through this exciting opportunity. We are looking forward to bringing further assets to the market and have identified Bridgewater Place in Leeds which we aim to list in the coming months.”

Chris Hardie, Director, Corporate Finance at WH Ireland, commented, “We are delighted to have worked with M7 in bringing Mailbox REIT plc and the principle of a single property vehicle, to the public markets. This IPO breathes life into the IPSX market which we are confident will result in a stream of further issues allowing all manner of investors to participate in institutional property – type assets.”