Nov. 16, 2022
Taken from an article published in Estates Gazette on the 16 November 2022, here: Long-awaited float of £63m Leeds scheme on IPSX completes | EG News (egi.co.uk)
Richard Croft, executive chairman of M7, said: “The equity raise has made allowance for BWP REIT to tackle one of the core issues facing many freeholders and their leaseholders, namely cladding remediation. BWP REIT will be undertaking a full remediation of the cladding without recourse to the leaseholders within the residential element of the building.”
Bridgewater Place is a £63m mixed-use Leeds scheme comprising offices, residential and retail, which M7 bought in 2020. The firm, which has also listed Birmingham’s Mailbox and a portfolio of retail warehouses on the IPSX, had initially planned its Bridgewater Place IPO for March.
The REIT has engaged M7 Real Estate Financial Services as the company’s alternative investment fund manager. WH Ireland was the IPSX lead adviser and broker on the placing and offer, while market liquidity will be provided by Cannacord.
Roger Clarke, chief executive of IPSX, said: “To have achieved this floatation amidst such a challenging market backdrop for IPOs across all sectors is testament to the clear demand for opportunities that enable efficient and transparent investment into liquid, asset-backed companies via a regulated trading platform.”