The planned listing of Birmingham’s Mailbox on the IPSX market has been postponed as asset owner M7 Real Estate enters takeover talks with a potential acquirer.
The IPO of Mailbox REIT – the first listing on IPSX – had already been delayed twice, once due to an unexpectedly high level of interest from investors, and again to give the company more time to close a deal with IWG to take space in the building.
Now, with M7 in exclusive talks with Oxford Properties about a possible purchase of the company, the IPO has been postponed, with all subscriptions for shares set to be returned to would-be investors. M7 is the Mailbox’s current owner and would act as asset manager once it was listed.
Mailbox REIT said that “clarity” over any takeover of M7 is expected in January and a further announcement on the IPSX listing will be made then. The company added that both it and M7 “remain fully committed to the IPO”.
See also
- Can the Mailbox’s IPO deliver? Five takeaways from the prospectus
- IPSX warns over ‘material uncertainty
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