Property exchange IPSX lures big City names ‎

Business & Economy 02 May 2017
Property exchange IPSX lures big City names ‎

Top City figures join board of start-up property exchange IPSX

The former chairman of the QCA will be among the start-up exchange's new board members, Sky News understands.

Image: The City of London

By Mark Kleinman, City Editor

A ‎quartet of top City figures will be named this week as part of the leadership team of IPSX, the world's first securities exchange set up to trade stakes in individual commercial properties.

Sky‎ News understands that IPSX Group will announce on Wednesday that it has recruited Michael Higgins, a former KPMG partner and ex-chairman of the Quoted Companies Alliance, as chairman of IPSX UK.
Mr Higgins will be joined on the board of IPSX UK by Imogen Joss, a former London Stock Exchange Group and S&P Global executive, and Alan Ramsay, a veteran of compliance roles at companies including HSBC, who are being appointed as non-executive directors.
IPSX Group, which has attracted investment from British Land, the UK's biggest property company, will also name Ian Pain, a former executive at Prudential's private equity arm, as its first group chief financial officer.
The string of appointments will come as IPSX UKprogresses towards full authorisation from the Financial Conduct Authority that will allow it to launch later this year.

The start-up venture has been drawing up plans to launch a series of regulated securities exchanges for commercial property since 2015,
IPSX will provide a new avenue of liquidity for the owners of commercial real estate assets by enabling them to list ‎exchange traded properties – companies which own single buildings.
Shares in these companies will then be traded in the same way as equities and other listed securities.
Sources said that IPSX Group was in discussions about raising further capital from other strategic investors during the coming months.
Confidence in the commercial property sector was shaken in the aftermath of last June's vote for the UK to leave the European Union, with real estate funds provided by top City institutions suspending redemptions by investors.
The City watchdog is reviewing the issue to prevent similar incidents in future, but IPSX believes that its model would provide a constant and transparent pricing mechanism for commercial property investors.
The new exchange is also expected to appeal to companies which are estimated to be sitting on roughly‎ £400bn-worth of owner-occupied commercial property across the country.
IPSX, which is expected to target the owners of assets worth at least £25m, declined to comment on the new board appointments.‎ ‎

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