Embattled property fund Brandeaux pulls £400m IPO

Liberty Living, a subsidiary of troubled student property fund Brandeaux, has pulled a planned £400m IPO less than a month after announcing it.

Brandeaux had intended to list its property portfolio in order to "create liquidity for its shareholders who want to redeem their investment and provide a structure to facilitate future redemptions". The planned IPO was announced following the suspension of Brandeaux's open-ended fund range in July 2013, with its £1.1bn Student Accommodation fund having now been closed to redemptions for nearly a year. The fund's directors planned to float Liberty Living as a real estate investment trust (REIT) in an effort to raise cash to repay shareholders trapped in its open-ended portfolio. Th...