Mailbox IPO postponed

Mailbox REIT, the company which will own the building, said the postponement was due to the potential acquisition of M7 Real Estate by a commercial real estate investor

The flotation of the Mailbox in Birmingham has been postponed. The shopping, office and leisure complex was due to be the first asset to launch an initial public offering (IPO) on the new International Property Securities Exchange (IPSX) on December 14.

But the newly formed Mailbox REIT, the company which will own the building going forward, has announced it will be delayed.

In a statement, it said the postponement was due to the potential acquisition of M7 Real Estate by an unnamed global commercial real estate investor and asset manager.

M7 Real Estate bought the Mailbox in 2019 and will continue to be the building's asset manager and a major shareholder in Mailbox REIT following the IPO.

The statement added: While both the board and M7 Real Estate's management team remain fully committed to the IPO and the investor is supportive of it, all parties feel it is prudent and fair to prospective shareholders in the company to wait until there is certainty regarding any potential transaction before continuing.

It is anticipated there will be clarity regarding the transaction in January at which point a further announcement will be made. Any subscriptions received to date will be returned in full pending that announcement, it said.

IPSX is a new stock exchange on which shares will be traded in companies owning single, institutional-grade real estate assets such as the Mailbox.

Mailbox's intention to float was confirmed in October and the following month it announced a major management contract with co-working specialist Spaces to run 50,000 sq ft of flexible offices on the building's ground floor, removing an entire level of retail space on one go.