The group, which is owned by New York-based Fortress Investment Group, said it had appointed Deutsche Bank and Merrill Lynch to manage the flotation, but did not give the size of the amount it planned to raise or its estimated market value after the flotation. Industry sources estimate the value of the company at euro 727.23 million pounds ($914 million) and have called it the biggest listing by a UK property company since Canary Wharf Group went public in 1999.
"This offer will provide the additional capital to allow us to continue our development as a major investor in the UK commercial property market targeting commercial properties primarily let to strong credit quality tenants," chief executive Jamie Hopkins said in a statement.
Mapeley, whose tenants include Abbey National Bank and government departments, said Fortress would not sell any of its shares in the planned flotation, aimed at institutional investors and certain individuals.
The company has property portfolio with a value of euro 1.6 billion ($2.04 billion), comprising 1,704 properties and around two million square meters.
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