Future of Brandeaux sinks with news of float exit

Hot-on-the-heels of the news from Mansion last week, Brandeaux Student Accommodation Fund has pulled plans to float in London blaming “adverse public market conditions”.

The fund was gated last July after it struggled to satisfy redemption requests. The fund, which owns more than £1billion of student property in the UK’s university towns and cities, unveiled plans to raise £400 million by floating as a REIT and acquiring the portfolio.

Stewart Quayle at AVI comments: “The theory behind the float was absolutely sound; it was a logical solution. However, the unfortunate combination of The City’s weariness to this year’s sharp increase in listings, and the backdrop of varied sentiment towards the student accommodation sector has led the downfall in this approach.”

Brandeaux is the third firm to pull an IPO in the last two months as confidence in the IPO market wavers.

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