Och-Ziff backs London property IPO

New York-based Och-Ziff Capital Management Group is backing Max Property Group, a closed-ended company to be managed by London property firm Prestbury.

A new UK property company is hoping to raise up to £200 million (€224 million; $306 million) via an IPO on London’s junior stock exchange.

Max Property Group, backed by New York alternative asset manager Och-Ziff Capital Management Group, will float on the Alternative Investment Market (AIM) hoping to raise capital to buy assets on an opportunistic basis.

Prestbury Investments, a London property company, is managing the vehicle, while Morgan Stanley is the book runner.

In a statement, Max Property Group said it planned to list on 21 May and to invest over a 5-year period.

The firm added its investment strategy was to exploit “current weakness” in the UK real estate market via opportunist acquisitions, active asset management and non-recourse finance to enhance shareholder returns.

Aubrey Adams, the proposed chairman, said in the statement: “Difficult conditions in the UK property market present a compelling investment opportunity for those with sector experience and an in-depth understanding of long term supply and demand issues”.