Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

M7 Multi-Let pursues private funding, scraps London IPO plan

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/24/2017 | 09:36pm CEST

LONDON (Reuters) - M7 Multi-Let REIT, a new firm set up to invest in industrial and office property, has become the latest business to scrap plans to float in London, pulling a listing that would have raised as much as 300 million pounds.

M7, which announced its intention to float as a real estate investment trust (REIT) last month, said a number of investors had instead expressed an interest in providing funding privately to support its property expansion.

"This, combined with the current market conditions and the volume of recent issuances focussing on UK real estate, led the board to conclude that the initial portfolio and pipeline would be better funded privately over the near to medium term," said Richard Croft, the chief executive of M7 Real Estate.

M7 said on Oct. 10 that it had agreed to buy 93 property assets for 119.8 million pounds – its so-called initial portfolio - and that it had also identified a pipeline of potential acquisitions valued at more than 400 million pounds.

Its decision to call off the listing to finance those deals marks another setback for the London Stock Exchange, which has been hit in recent weeks after Comparethemarket.com-owner BGL Group <IPO-BGL.L>, broadcasting masts firm Arqiva <IPO-ARGL.L>, debt collector Cabot Credit Management and business services firm TMF Group all pulled floats.

"The exchange has not been affected by recent IPO cancellations. Figures show that 2017 has already vastly exceeded both 2016 and 2015, with money raised increasing by four times and with double the number of IPOs in 2017 compared with 2015," a spokeswoman for LSE said.

"We have also had the largest number of REIT IPOs globally so far this year," she said.

M7's decision will increase attention on motor insurer Sabre, which is pursuing a London float after announcing its listing plans this month.

A source familiar with the matter said on Nov. 13 that the company was looking for a 600 million-pound valuation from the initial public offering but it could fall short of that target.

Sabre this week set the price range for its shares at 220 pence to 240 pence, which would give it a market capitalisation of between 550 million pounds and 600 million pounds.

(Additional reporting by Shalini Nagarajan in Bengaluru; Editing by Keith Weir and Susan Fenton)

By Ben Martin and Noor Zainab Hussain

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
02:17aTakeda shares slide 5 percent after revised proposal for Shire
RE
02:17aGOVERNMENT OF ALBERTA : Protecting Alberta jobs, cutting methane pollution
PU
02:12aBILL CASSIDY : Citing Jobs and Economic Investment, Cassidy and Colleagues Urge Approval of Driftwood LNG Permits
PU
02:04aShire, Takeda reach breakthrough in $64 billion deal talks
RE
02:04aShire, Takeda reach breakthrough in $64 billion deal talks
RE
01:42aTrump says NAFTA talks going 'nicely,' Canada sees progress on auto rules
RE
01:42aMexico minister says NAFTA deal will depend on flexibility
RE
01:42aTrump says NAFTA talks going 'nicely,' Canada sees progress on auto rules
RE
01:37aHMT UK HER MAJESTY TREASURY : Britain bites back in the fight against loan sharks
PU
01:36aDoubleLine's Gundlach says U.S. Treasuries 'not attractive'
RE
Latest news "Economy & Forex"
Advertisement