Brandeaux Student Accommodation Fund has suspended its plans to proceed with an initial public offering of Liberty Living plc due to “adverse public market conditions”.
In a statement, the firm said this is despite a “positive response to the company and its underlying portfolio from prospective investors”.
The statement said: “The outlook for Liberty Living’s business remains very positive, with current reservation levels of 90 per cent for the 2014/2015 academic year, and its operations remain unaffected by the decision not to proceed with an IPO.
“The management team will continue to focus on driving value on behalf of the existing investors in the fund, and the fund will continue to consider all options for creating liquidity for its shareholders.”
This follows February’s announcement whereby the managers of the suspended Brandeaux Student Accommodation fund said they were considering listing the fund’s assets on the stockmarket.
The fund has been suspended from trading since July 2013 due to concerns about liquidity. Brandeaux blamed the suspension on redemptions triggered by the FSA’s move in 2011 to ban the sale of unregulated products to retail investors.
