Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-Mapeley Group plans to float its shares on the London stock exchange next month. The aim is to raise funds to acquire office properties in the UK and cut interest costs, the property outsourcing company said on Friday.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.