British Property Trust Cancels London IPO Amid Market Strains

13 Jun 2024 CW Team

A British property trust has canceled its planned flotation on the London Stock Exchange after failing to meet the minimum demand threshold of ?250 million ($319 million). Special Opportunities REIT announced that it would instead pursue property acquisitions using private capital, deeming a reduced minimum not in the best interest of investors.

Initially, the trust aimed to raise ?500 million, hoping to attract investors confident in a recovery within the British property sector. The sector has struggled with falling property values, driven by increased borrowing costs and reduced demand for office spaces post-pandemic.

This decision marks another setback for London's struggling IPO market, which has seen a slower recovery in listing activity compared to other global markets. In a rare positive note, computer maker Raspberry Pi saw its shares surge upon debuting online retailer Shein is contemplating a UK float despite facing criticism over its fast-fashion practices.

Compounding the grim outlook, official data released showed no growth in the broader UK economy for April.

In related news, Great Portland Estates (GPE) has successfully completed a ?350 million rights issue aimed at funding new property acquisitions. Despite the 97% uptake of the rights issue, nearly 5 million shares remained unsold. The company also disclosed that some investors might not be able to honor their commitments for an additional 6 million shares due to jurisdictional restrictions.

GPE shares remained flat in early trading on Wednesday. The company stated that Bank of America, Deutsche Numis, and JPMorgan Cazenove acted as joint bookrunners for the rights issue, with Santander serving as co-lead manager. The bookrunners are now working to find new subscribers for the remaining shares.

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..