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Real estate exchange set for first retail IPO

Exclusive: Owners of iconic Liverpool office block seek listing on retail segment of IPSX
Real estate exchange set for first retail IPO

Ordinary retail investors could soon get to deal in an innovative exchange for property assets, after the private equity owners of the iconic Capital Building in Liverpool kicked off the process for listing the property as a single asset company.

Starwood Capital, a Miami-headquartered private investment firm, has appointed advisers to explore an IPO of the building on the International Property Securities Exchange (IPSX). The float, the first of several set to be announced in the coming weeks, will take place on the Prime segment of the exchange, making it open to retail investors.

Despite gaining consent from the Financial Conduct Authority (FCA) in 2019, IPSX struggled to get off the ground after the pandemic put a long pipeline of potential listings on ice. The exchange eventually completed its first listing in May when The Mailbox building in Birmingham was floated by M7 Real Estate, though rules around leverage and float size meant the offering was restricted to institutional investors.

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