CBRE, Avison Young and Knight Frank have joined JLL as approved valuers at the International Property Securities Exchange, which is gearing up for its first properties to start issuing shares.
Alan Ramsay, pictured, chief executive of IPSX UK, said: “Our approved valuers play a vital role in advising issuers on their IPOs and in providing continuing support in the secondary market.”
IPSX said further advisers will be appointed as the exchange moves towards its first IPOs. These will include “lead adviser” and “market maker”.
Although investor demand in the wider capital markets will ultimately drive the market price for companies traded on IPSX, the role of the real estate agencies is to add a real estate specific perspective on the underlying asset owned by an individual company to complement the financial, management and strategic information provided in the IPO prospectus. Together, these disclosures provide investors with a comprehensive suite of information on the company seeking admission to IPSX.
IPSX approved valuers produce a valuation report at the time of the IPO which is updated every six months and reflects the requirements of the RICS “Red Book” together with the requirements of IPSX’s Rules for Issuers.
IPSX said it remains in discussions “with a broad range of early potential issuers”, including private equity real estate funds, sovereign wealth funds, major quoted real estate groups, and owner-occupiers.