November 24, 2017 / 10:47 AM / a year ago

M7 Multi-Let pursues private funding, scraps London IPO plan

Nov 24 (Reuters) - M7 Multi-Let REIT Plc, a newly-established firm set up to invest in industrial and office property, has decided not to pursue plans to raise up to 300 million pounds ($400 million) by listing its shares in London.

M7, which planned to list as a real estate investment trust (REIT), said a number of investors had instead expressed an interest in providing funding privately to support its property expansion.

“This, combined with the current market conditions and the volume of recent issuances focusing on UK real estate, led the Board to conclude that the Initial Portfolio and Pipeline would be better funded privately over the near to medium term,” M7 Real Estate CEO Richard Croft said.

The company had agreed to buy 93 property assets across two UK portfolios for 119.8 million pounds, on condition that its listing was successful.

The announcement is another setback to the London Stock Exchange after price comparison company BGL Group IPO-BGL.L, telecoms masts firm Arqiva IPO-ARGL.L, Britain’s biggest debt collector Cabot Credit Management and business services firm TMF Group all pulled deals. ($1 = 0.7502 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Keith Weir)

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