11 Jan 2023
BWP REIT lists on IPSX
BWP REIT PLC, a newly formed single asset company established to acquire Bridgewater Place (“Bridgewater Place” or the “Property”), an office-led mixed use property situated in a prime location in central Leeds, is pleased to announce that its ordinary shares with a nominal value of 10 pence each (“Ordinary Shares”) have been admitted to trading on the Wholesale segment of the International Property Securities Exchange (“IPSX”) (“Admission”). In total, 35,050,000 Ordinary Shares have been admitted to trading on the Wholesale segment of IPSX.
Bridgewater Place is a large office, retail, and residential mixed-use property completed in April 2007 that sits on a three-acre freehold site in a prime location in central Leeds. At 30 above ground storeys, it was the tallest property in Yorkshire until 2021. The Property has been independently valued as at 30 August 2022 at £63 million by Avison Young.
BWP REIT becomes the third company to be admitted to trading on IPSX. The platform is an FCA Regulated Investment Exchange and the world’s first such exchange dedicated to single asset real estate companies and those owning multiple assets with commonality. IPSX Wholesale is reserved for institutional and qualified professional investors, while the IPSX Prime segment of the market is open to all investors and aims to give retail investors the ability to acquire tradable shares in institutional quality real estate assets.
WH Ireland Limited (“WH Ireland”) acted as IPSX Lead Adviser and Settlement Agent.
Richard Croft, Executive Chairman of M7 Real Estate, commented: “The listing of Bridgewater Place shows that we are building on the momentum built up from the listing of Mailbox REIT and the M7 Regional E-Warehouse REIT on IPSX. Bridgewater Place is a high quality regional office building. It has a strong tenant base and income profile. This is a great opportunity to create value through asset management and capex.”
The full RNS relating to the listing can be found on the BWP website: https://www.bwpreit.com/news-and-media/