Metric Property exceeds IPO target

Metric Property Investments, the retail property group led by three former British Land executives, raised £175m in its IPO, £25m more than initially targeted.

The group, which sold shares at 100p each, plans to list on the London Stock Exchange on March 24 as a REIT. "We believe that the extensive re-pricing and re-financing pressures in the retail property market will present opportunities for Metric to utilise its occupier-led approach, active asset management strategy and strong retailer, property investor and banking relationships to generate attractive returns for shareholders," Metric CEO Andrew Jones says. "We also look forward to capitalising upon our status on admission as one of the UK's first new REITs for the benefit of our in...