Independent Living REIT postpones flotation plans

Independent Living REIT postponed its plans to float on the London Stock Exchange citing "current market conditions".

The real estate investor had originally planned to raise target gross issue proceeds of £150m.

Nonetheless, the company said in a statement that it had received a "broad level of support" from a "significant" number of investors.

It was also "encouraged" with the response to its investment proposition.

Even so "the Board of Directors has decided not to proceed with the Initial Issue at the current time."

The REIT also announced that all funds committed by investors pursuant to the initial issue would be returned, although the prospectus remained valid and any new timetable would be announced accordingly.