British commercial property exchange IPSX is hoping to list its first five initial public offerings this year, its managing director said on Thursday, giving real estate investors an alternative way to buy into the sector.
The exchange, which describes itself as the world's first regulated exchange for commercial property stocks, will list the Mailbox office and retail complex in Birmingham, central England in its debut IPO, Roger Clarke told Reuters.
The building will be listed as a real estate investment trust (Reit) with a market capitalisation of £115 million (Dh560.5m). The current owner of the property, M7 Real Estate, will retain a 45 per cent stake. Mr Clarke did not give an exact timetable for the listing.
Several Reits are already trading on the London Stock Exchange, as well as in other countries like the United States, but these companies – which enjoy certain tax advantages – typically hold a broad portfolio of bricks and mortar assets.
IPSX, in contrast, will list Reits comprising shares either in a single building or in "portfolios where there is a degree of commonality", Mr Clarke said. The portfolios could consist of several buildings with the same function owned by one firm.
The Reit structure is more liquid than open-ended property funds, which have come under scrutiny in Britain after most froze in March as a result of market uncertainty caused by Covid-19.
The Financial Conduct Authority last month proposed that investors in property funds should wait up to six months before they can get their money back, to avoid a stampede for the exit leading to widespread suspensions in rocky markets.
IPSX, which received regulatory approval last year, is also aiming this year to list office buildings in Leeds and Manchester, in northern England, and portfolios of social housing and serviced offices in Britain, Clarke said.
COVID-19 delayed IPSX's listing plans from earlier this year, he added.
The Gentlemen
Director: Guy Ritchie
Stars: Colin Farrell, Hugh Grant
Three out of five stars
Scorebox
Dubai Sports City Eagles 7 Bahrain 88
Eagles
Try: Penalty
Bahrain
Tries: Gibson 2, Morete 2, Bishop 2, Bell 2, Behan, Fameitau, Sanson, Roberts, Bennett, Radley
Cons: Radley 4, Whittingham 5
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
UAE currency: the story behind the money in your pockets
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
UAE currency: the story behind the money in your pockets
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The Specs:
The Specs:
Engine: 2.9-litre, V6 twin-turbo
Transmission: 8-speed automatic
Power: 444bhp
Torque: 600Nm
Price: AED 356,580 incl VAT
On sale: now.
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Score
Third Test, Day 2
New Zealand 274
Pakistan 139-3 (61 ov)
Pakistan trail by 135 runs with 7 wickets remaining in the innings
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Women%E2%80%99s%20Asia%20Cup
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
