UK Property Trust Cancels IPO Due to Low Demand

The London IPO of a British property trust has been canceled after the owners announced they did not reach the 250 million pound ($319 million) minimum required for the offering to go forward.

Special Opportunities REIT stated on Wednesday that it did not consider it in the best interests of investors to lower the minimum threshold. Instead, it plans to acquire properties using private capital.

In a related development, commercial property owner Great Portland Estates reported the completion of its 350 million pound rights issue. However, the company noted that its bank underwriters might need to purchase a small portion of the shares offered.

Paraphrasing text from "Reuters" all rights reserved by the original author.