IPSX Wholesale is a market which accommodates more complex issuers in terms of ownership structures, legal arrangements or tenancy profiles.
Designed to provide commercial real estate owners with an onshore market, it’s capable of accepting a variety of different corporate structures, including JV REITs, within a flexible regulatory environment. IPSX Wholesale allows shares in companies holding commercial real estate to be admitted to trading on an onshore market. As IPSX Wholesale is only open to institutional investors, it allows for a broader range of commercial real estate types.
IPSX Wholesale is designed for commercial real estate owners holding commercial real estate in structures which may be more complex than those employed by issuers which are suitable for admission to IPSX Prime, including Joint Venture (JV) REITs.
As well as stabilised assets, IPSX Wholesale is open to development and regeneration projects. Issuers owning assets which they intend to develop, redevelop, repurpose, or retrofit will be able to seek admission, provided they anticipate the asset becoming stabilised and income-producing within a five-year timeframe.
The types of eligible issuers could include more complex ownership structures or legal arrangements, or more unusual tenancy arrangements. These will be reviewed on a case-by-case basis.
IPSX Wholesale rules do not prescribe a minimum free float. Issuers seeking admission could propose coming to market with less than a 10% free float, subject to meeting certain criteria. However, asset(s) must generally have a minimum market value of £50 million.
The maximum loan-to-value of an IPSX Wholesale Issuer is 80%, and those not required to produce a prospectus must produce an Admission Document.
Just as with IPSX Prime, IPSX Wholesale issuers are required to appoint an:
IPSX also offers a fast-track admissions process for qualifying IPSX Wholesale issuers whose securities are already admitted to trading on:
The IPSX Rules for Wholesale Issuers set out the additional fast track admission criteria.
Only professional investors may invest in IPSX Wholesale:
Elective Professional Clients are broadly defined as having expertise, experience and knowledge considering the nature of the transactions envisaged, and capable of making their own investment decisions and understanding the risks involved. Other criteria: