M7 Box+ REIT has confirmed it intends to have its shares listed on the wholesale segment of the IPSX market.
No new funds are being raised as it is an introduction said manager M7, which added the move will allow fund investors to transfer and onshore their investment from a closed-ended, Jersey-domiciled private investment vehicle to an investment in a UK vehicle.
Having a public listing on a regulated stock exchange will also boost liquidity while giving it the benefits of the UK REIT regime.
Upon admission, Box+ proposes to acquire a portfolio of seven let and operational e-warehouses from M7 Box+ II LP, which on 31 December 2022 were valued at £228.9mln.
Going forward, the strategy will be to invest further in a geographically diversified portfolio of enhanced warehouse (e-warehouse) properties across the UK.
M7 will manage the Box+ trust through two of its subsidiaries.
At the end of 2022, M7 was running a portfolio of approximately 620 assets comprising 54.5mln sq ft and valued at approximately €6.9bn on behalf of real estate investors such as Blackstone and M&G.
Richard Croft, M7’s executive chairman, added: "M7 Box+ REIT, initially comprising seven let and operational assets which are immediately income producing, will invest in a geographically diversified portfolio of e-warehouse properties across the UK.
“We believe that the historic lack of distinction between generic retail assets and retail warehouses has led to mispricing for these properties which are supported by strong market fundamentals.“
IPSX is a new FCA Regulated Investment Exchange and the world's first such exchange dedicated to single-asset real estate companies.