A view of office buildings across London's skyline. British commercial property exchange IPSX will look to list either single buildings or a portfolio of buildings "where there is a degree of commonality", says managing director Roger Clarke. AFP
A view of office buildings across London's skyline. British commercial property exchange IPSX will look to list either single buildings or a portfolio of buildings "where there is a degree of commonalShow more

World's first commercial property exchange to host five listings this year



British commercial property exchange IPSX is hoping to list its first five initial public offerings this year, its managing director said on Thursday, giving real estate investors an alternative way to buy into the sector.

The exchange, which describes itself as the world's first regulated exchange for commercial property stocks, will list the Mailbox office and retail complex in Birmingham, central England in its debut IPO, Roger Clarke told Reuters.

The building will be listed as a real estate investment trust (Reit) with a market capitalisation of £115 million (Dh560.5m). The current owner of the property, M7 Real Estate, will retain a 45 per cent stake. Mr Clarke did not give an exact timetable for the listing.

Several Reits are already trading on the London Stock Exchange, as well as in other countries like the United States, but these companies – which enjoy certain tax advantages – typically hold a broad portfolio of bricks and mortar assets.

IPSX, in contrast, will list Reits comprising shares either in a single building or in "portfolios where there is a degree of commonality", Mr Clarke said. The portfolios could consist of several buildings with the same function owned by one firm.

The Reit structure is more liquid than open-ended property funds, which have come under scrutiny in Britain after most froze in March as a result of market uncertainty caused by Covid-19.

The Financial Conduct Authority last month proposed that investors in property funds should wait up to six months before they can get their money back, to avoid a stampede for the exit leading to widespread suspensions in rocky markets.

IPSX, which received regulatory approval last year, is also aiming this year to list office buildings in Leeds and Manchester, in northern England, and portfolios of social housing and serviced offices in Britain, Clarke said.

COVID-19 delayed IPSX's listing plans from earlier this year, he added.

Pearls on a Branch: Oral Tales
​​​​​​​Najlaa Khoury, Archipelago Books

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Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

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England v West Indies

England squad for the first Test Cook, Stoneman, Westley, Root (captain), Malan, Stokes, Bairstow, Moeen, Roland-Jones, Broad, Anderson, Woakes, Crane

Fixtures

1st Test Aug 17-21, Edgbaston

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3rd Test Sep 7-11, Lord's

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Hili 2: Unesco World Heritage site

The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.