M7 Multi-Let REIT, a new firm set up to invest in industrial and office property, has become the latest business to scrap plans to float in London, pulling a listing that would have raised as much as 300 million pounds ($400 million). M7, which announced its intention to float as a real estate investment trust (REIT) last month, said a number of investors had instead expressed an interest in providing funding privately to support its property expansion.
"This, combined with the current market conditions and the volume of recent issuances focusing on UK real estate, led the board to conclude that the initial portfolio and pipeline would be better funded privately over the near to medium term," said Richard Croft, the chief executive of M7 Real Estate.
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