After failing to drum up sufficient investor support, PointPark Properties (P3) decided to cancel its IPO on the London Stock Exchange. Arcapita, which owns P3, indicated the timing was wrong for the move. “Arcapita has determined that there is greater value in not pursuing an IPO. … Arcapita will continue to assess all options to optimize value for Arcapita and its shareholders,” a company spokesperson said.
P3 had hoped to raise €312m through the IPO it announced last month. The money raised from the listing would be used to acquire a property portfolio worth €760m from Arcapita, with the rest of the purchase to be financed through a 15-percent equity stake.
P3 will continue to manage the portfolio on behalf of its private equity owner until Arcapita decides its next move, which could range from reviving the IPO at a later date to a private sale, according to Reuters.
