JLL has become the first advisory firm to formally join the International Property Securities Exchange.
The agency, which is the first approved valuer to become a member of the new real estate stock exchange, will produce a RICS-approved “Red Book” valuation report for inclusion in all IPO prospectuses and a Red Book valuation report every six months in respect of the underlying assets of each IPSX issuer.
Alan Ramsay, chief executive of IPSX UK, said: “Our members are a valuable and essential part of our community and will play a vital role in the functioning of IPSX, both in terms of advising issuer clients on their IPOs and in supporting the trading of their shares in the secondary market.
“I am very pleased to welcome JLL as our first member and look forward to welcoming additional advisory members as we prepare our first IPOs for launch in the next few months.”
Hugo Raworth, lead director of London commercial valuation at JLL, said: “IPSX represents a highly significant innovation in the commercial real estate world and will provide owners and investors alike with an important new opportunity for capital raising and investment.
“We welcome this new dimension and look forward to bringing our considerable valuation experience and capabilities to bear in supporting issuers through the valuation aspects of the IPO process.”
The Financial Conduct Authority approved the IPSX, which is the first regulated securities exchange dedicated to real estate, in January.
It is currently in talks with early potential issuers, including private equity real estate funds, sovereign wealth funds, quoted real estate groups and owner-occupiers.
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