Metric Property announce initial public offering

Metric Property has announced that it will hold an initial public offering (IPO) as it prepares to be floated on the London Stock Exchange (LSE).

The newly established specialist retail property investment firm intends to capitalise on re-pricing and refinancing pressures in order to build up a portfolio of real estate assets and is already in discussions regarding possible retail property acquisitions

Managed by a specialist team comprising three former directors of British Land, Metric has already received an initial £6 million investment from its directors and plans to raise £150 million through its IPO and to commence trading on the LSE as of March 19th.

Chief executive Andrew Jones remarked: "We believe that the extensive re-pricing of the real estate market and the adoption of our occupier-led approach will present a significant opportunity for Metric to create value for shareholders through our active approach to asset management and through the leveraging of our strong retailer, property investor and banking relationships."

Mr Jones' former employer British Land boats a retail property portfolio valued at £5.25 billion for the three months to December 2009.


09/03/2010