Property fund Welpic delays Aim flotation

A WEST END investment company has delayed its initial public offering set for next month in a bid to round up some last-minute investor interest.

The newly-formed West End of London Property Investment Company (Welpic) was originally intending to float on the Alternative Investment Market on

5 February, in a listing expected to raise around £100m.

However, yesterday the company said it now expected to float on 13 February. An insider at Oriel Securities, Welpic’s financial adviser and broker on the deal, said that more time had been needed to market the flotation to potential investors.

Welpic is raising the cash in order to invest in office properties in the West End and Midtown, where it already owns £873m of properties.

It is dreaming of graduating to the London Stock Exchange’s main market if it can improve its market capitalisation to more than £250m in the next two years.

The business is managed by Schroders and domiciled in Jersey.

Welpic could not be reached for comment.