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Embattled student property fund aborts £1bn IPO
by Dylan Lobo on Jun 30, 2014 at 13:29
The Brandeaux Student Accommodation fund has backtracked on plans to float its portfolio.
The fund had said at the start of June that it would float its £1.1 billion portfolio in a bid to meet investors’ demand for redemptions.
It planned to float its portfolio of student accommodation by listing a subsidiary company Liberty Living, but last week announced that it would no longer press ahead with the initial public offering (IPO).
It told the market: ‘This decision has been reached due to adverse public market conditions and despite a positive response to the company and its underlying portfolio from prospective investors.’
'The outlook for Liberty Living's business remains very positive, with current reservation levels of 90% for the 2014/2015 academic year, and its operations remain unaffected by the decision not to proceed with an IPO.'
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