IPSX adds to sales team ahead of first IPO
The International Property Securities Exchange has strengthened its management to increase marketing of the new property stockmarket’s benefits to potential building owners interested in listing.
Patrick Phillips joined as a senior manager in real estate advisory. He previously worked with Realla before its acquisition by CoStar and was a director of the city agency leasing team at GVA, now Avison Young. He advised on £2bn of transactions in the City of London.
IPSX has yet to see its first initial public offering although talks are ongoing with several parties over listing on the exchange.
A spokesman for the company said: “IPSX is in discussion 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 seeking a new way to unlock value from their real estate holdings.”
IPSX proposes to add further exchange-based products to its offering including a professional market for closely held REITs together with new real estate indices and data products.
Roger Clarke, director of capital markets at IPSX, said: “This is an exciting time for Paddy to join IPSX. He brings extensive experience of the real estate market, particularly here in London which complements that of our existing real estate team. His skills and knowledge will be of great help to asset owners as we continue to explain the benefits that IPSX brings in reaching new investors.”
Phillips said: “IPSX will transform the options for real estate asset owners and increase the investment universe dramatically. Real estate owners have been waiting for this breakthrough for a long time.”
Under IPSX building owners will be able to sell part of a building in the form of shares, increasing liquidity and gaining funds from a sale without relinquishing control.