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Mailbox REIT: Upcoming IPO

Mailbox REIT (MBOX) is a new real estate investment trust (REIT) due to float in December 2020 on the International Property Securities Exchange (IPSX). MBOX offers investors exposure to a centrally located prime Birmingham commercial property — The Mailbox — that is valued at £179mln. The shares are expected to pay a dividend of 5p (5% yield at the offer price) in year 1, with potential to increase this to 7p in the medium term, as well as offering the potential for capital gains through asset enhancement projects.

The initial public offering (IPO) is currently open, with an application deadline of December 8. The shares will trade on the IPSX Prime market, which is the world’s first regulated exchange for companies owning a single commercial real estate asset. We examine some key attributes of the IPSX as a platform on p3. The new capital raised from the share issuance will be used to deleverage the balance sheet and to provide funds for the planned upgrades to the property.

The Mailbox is an office-focussed mixed-use commercial real estate asset located in central Birmingham. The property benefits from:

  • A secure income stream from the core tenant base, and upside potential from asset management projects
  • Exposure to the central Birmingham office market, which benefits from strong demand drivers and significant supply constraints
  • Excellent transport links, close to Birmingham New Street station, and with good links to the planned HS2 hub

 

What's in the report?

Financial results and forecasts
Growth drivers
Management
Market conditions
Milestones & inflection points

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Mailbox REIT: Upcoming IPO

Proactive London's Ed Stacey explains the structure, strategy and growth plans of Mailbox REIT. Stacey says Mailbox REIT (MBOX) is a new real estate investment trust (REIT) due to float in December 2020 on the International Property Securities Exchange (IPSX). He says MBOX offers investors...

1 week, 4 days ago

17 min read