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...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
