4 Dec 2020
Postponement of Mailbox IPO due to corporate activity
The Board of Mailbox REIT, which owns the Mailbox, a large prime office-led mixed use property in Birmingham (the “Property”), announces the postponement of its proposed IPO on IPSX as a result of a potential acquisition (the “Transaction”) of M7 Real Estate Ltd (“M7 Real Estate”) by a global institutional commercial real estate investor and asset manager (the “Investor”).
M7 Real Estate is the current ultimate beneficial owner of the Property and, post IPO, would act as both the Company’s asset manager in respect of the property and as its AIFM, through its subsidiary M7 Real Estate Financial Services Ltd.
While both the Board and M7 Real Estate’s management team remain fully committed to the IPO, and the Investor is supportive of it, all parties feel it is prudent and fair to prospective shareholders in the Company to wait until there is certainty regarding any potential Transaction before continuing with an IPO for the Company.
It is anticipated that there will be clarity regarding the Transaction in January 2021, at which point a further announcement will be made. Any subscriptions received to date will be returned in full pending that announcement.