April 16, 2019
IPSX, the International Property Securities Exchange, today announced that three further leading real estate advisory firms are joining IPSX formally as Members. This follows the recent announcement of JLL’s membership of the exchange.
Knight Frank, CBRE and Avison Young join JLL as IPSX Approved Valuers, forming an impressive panel of leading valuers for prospective issuers to choose from.
Through their valuation teams, the major real estate advisory firms play a key market facing role in supporting IPOs of real estate companies on IPSX.
Although investor demand in the wider capital markets will ultimately drive the market price for companies traded on IPSX, the role of the real estate agencies is to add a real estate specific perspective on the underlying asset owned by an individual company to complement the financial, management and strategic information provided in the IPO prospectus. Together, these disclosures provide investors with a comprehensive suite of information on the company seeking admission to IPSX.
IPSX Approved Valuers produce a valuation report at the time of the IPO which is updated every six months and reflects the requirements of the Royal Institution of Chartered Surveyors (“RICS”) “Red Book” together with the requirements of IPSX’s Rules for Issuers.
Alan Ramsay, Chief Executive of IPSX UK Limited, said: “I am delighted that we have some of the world’s leading valuers as part of our IPSX Community. Our approved valuers play a vital role in advising issuers on their IPOs and in providing continuing support in the secondary market. I am very pleased to welcome Knight Frank, CBRE and Avison Young as Members and look forward to welcoming additional advisory Members as we move forward to our first IPOs.”
Rupert Johnson, Global Head of Valuation & Advisory of Knight Frank said: “Knight Frank is delighted to act as an Approved Valuer on IPSX. We are involved in valuing in excess of 30 per cent of the MSCI Monthly Index and greatly look forward to providing our expertise and support to IPSX’s issuer companies and their investors.”
Nick Knight, Executive Director at CBRE said: “We regard the creation of IPSX to be of global significance to the commercial real estate industry and look forward to supporting the exchange, its issuers and their investors in London and beyond.”
Peter O’Brien, Head of Valuation at Avison Young said: “We are excited to become a Member of IPSX and expect that the new exchange will open up a whole new dimension to the commercial real estate capital markets. We look forward to supporting IPSX and its issuer and investor communities in capitalising on the opportunities that the new market offers.”
IPSX is in discussions with a broad range of early potential issuers, including private equity real estate funds, sovereign wealth funds, major quoted real estate groups, and owner-occupiers. IPSX members are firms who play a key role in the exchange and have met the membership eligibility criteria under the IPSX Rules for Members.