The company redeveloping tunnels under London into a tourist attraction will float on the stock market this week – but has shunned London in favour of a listing in Amsterdam.
London Tunnels expects to list on Euronext Amsterdam on Thursday (27 June), after which it will raise up to £30m through a share sale.
The company wants to turn the Kingsway Exchange Tunnels into a £220m tourist attraction, complete with two exhibition spaces, the deepest bar in the UK and retail facilities. The City of London Corporation has approved the plans, which will also need sign-off from Camden Council.
London Tunnels chief executive Angus Murray said: “We believe a public listing of the London Tunnels is the logical next step, improving our ability to raise further capital over the coming years to support the company’s growth strategy and create long-term value. The London Tunnels can now take advantage of the size and scale of both the equity capital markets and debt capital markets of Europe.
“The listing on Euronext, Europe’s largest regulated stock exchange, is in the best long-term interests of the company, its shareholders and the future ambitions for the development of the project in central London. London is undoubtedly one of the world’s leading tourist destinations. It is one of the most visited cities in the world, with millions of visitors each year, all of whom we hope will be interested in visiting the tunnels.”
Image from City of London Corporation
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