Four Tritax partners have taken a stake in new property exchange the International Property Securities Exchange, allowing shares to be traded in individual office buildings.
The terms are undisclosed.
British Land took a minority stake in IPSX in July, understood to be less than 5% in exchange for a ‘modest sum’.
From July: British Land buys property bourse stake
Anthony Gahan, chairman of IPSX, said: “The personal commitments from such established and well-respected leaders in the industry further illustrate the need for IPSX to offer alternative capital markets options to owners and investors, both institutional and retail.”
IPSX facts
- IPSX is a stock exchange for companies that own single commercial real estate assets that is due to launch in Q1 2017
- Primary owners are Wyvern Partners investment banker Anthony Gahan, former chief executive of Plus Markets Cyril Theret, and former chief executive of LCH Clearnet Ian Axe.
- IPSX is a recognised Investment Exchange, regulated by the FCA, similar to the London Metal Exchange
- Minimum asset value is £700,000, “sensible minimum value” is £25m, early IPOs likely to be £50m-£100m with no maximum
- At least 25% of each asset must be listed
- Each property will have its own board and structure
- Shares to be sold through IFAs and stockbrokers
- Most companies listed likely to be set up as REITs
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