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Property fund Welpic cancels flotation on the Aim market
THE WEST End of London Property Investment Company (Welpic) has cancelled its IPO planned to take place today after failing to gather sufficient interest.
Welpic was intending to float on the Alternative Investment Market on 13 February, in a listing expected to raise around £100m.
It hoped to provide investors with access to office property in the West End and Midtown areas by pouring cash into closed-end unit trust Welput, which has already built up a £873m portfolio made up of 12 properties.
William Hill, Schroders’ head of property and adviser to Welpic said despite interest in Welput’s portfolio institutional investors were concerned that the size of the Aim-listing was too small as well as the liquidity in the junior market.