Mailbox REIT is to exit the REIT regime following the winding down of IPSX.
IPSX, the real estate-focused stock exchange, started winding down its business in September, claiming a “perfect storm of macro headwinds” had left it “unable to scale the platform at a rate which would have avoided this scenario”.
Mailbox REIT, one of only three listings on the exchange, has now said it will cancel the admission of its ordinary shares to trading on IPSX and will not to seek admission to an alternative exchange “for the time being”.
The intended cancellation is expected to occur by mid-November.
The company will exit the REIT regime upon its delisting from IPSX, as its shareholding structure will not qualify it for REIT status under the new qualification rules which are expected to be introduced next year.
Mailbox REIT also updated on the loan secured against the Mailbox building in Birmingham. The loan remains in default as a full cure has not yet been achieved. The firm said it was continuing to progress a number of avenues with its investment manager to resolve the issue, including a potential refinancing.
It added that the Mailbox building continued to perform well at an operational level and that, as at 19 October 2023, rent collection remained strong at 94.42% for the September quarter rents due, with occupancy at 96% of floor area.
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