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IPSX Prime

Unlocking commercial real estate for all investors

IPSX Prime is open all to investors including retail investors, and provides access to stabilised income producing commercial real estate assets, with liquidity provided by Market Makers. It’s open to the trading of shares in companies owning underlying single commercial property assets or multiple commercial real estate assets with a high degree of commonality, which are securitised and traded on the exchange.

For example, a commercial office block that occupies a single geographic location or postal address; or comprises a single building or a group of co-located buildings.

Issuers can bring to market an Initial Public Offering (IPO) of shares in companies which own underlying commercial real estate assets, accessing new sources of capital via a regulated market.

Flexible investing

IPSX provides significantly more choice and flexibility. Owners of commercial real estate can usually choose to keep the asset, sell it, or enter into a potentially complex Joint Venture agreement with a new partner. IPSX allows an issuer to retain economic ownership of the underlying asset by retaining anything from 0% - 90% of the shares in the company admitted to trading on IPSX Prime (subject to satisfying the minimum free float requirement of 10%).

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Issuers admitting commercial real estate to IPSX Prime

Issuers are companies that want to admit their commercial real estate to our stock exchange. IPSX expects that an underlying commercial real estate asset should be of institutional grade (i.e., each property will generally have a Market Value in excess of £50m).

To be admitted to IPSX Prime, each company (or prospective issuer) will need to:

  • Appoint an IPSX Lead Adviser to support and manage the IPO process
  • Sell down a minimum 10% of the underlying company’s shares at the point of admission, subject to a minimum free float value of £3m
  • Appoint an IPSX Approved Valuer to produce an initial valuation of the real estate asset(s) and six-monthly valuations thereafter
  • Appoint an IPSX Market Maker
  • Limit the leverage in the listed entity to a maximum of 80%
  • Have audited accounts
  • Meet IPSX’s Admission and Disclosure Standards
  • Issue a prospectus for approval by the Financial Conduct Authority
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Wide range of investors available for commercial real estate investment

Investing in commercial real estate through IPSX is open to the widest range of investors and IPSX offers a new venue for them to trade. Retail investors can access what is effectively a new asset class and will benefit from a much lower cost base compared to buying directly.

Family offices have a clear preference for the wealth protection characteristics of commercial real estate investments and will appreciate the direct investment opportunity to access high yields from stable assets. Professional investors will value the opportunity to invest in new assets that have never previously been available on capital markets.

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International Property Securities Exchange is the trading name of IPSX UK Limited. IPSX UK Limited is a company registered in England and Wales with Company Number 10519448, whose registered address is 20 Birchin Lane, London, EC3V 9DU.

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