Mailbox REIT Plc, which owns one of the largest commercial properties in Birmingham (UK), is set to conclude a management agreement with IWG Plc.
The agreement will see IWG manage 50,000 sq ft at The Mailbox, a Grade A mixed-use retail and office building in the heart of the city. It will be run under IWG’s Spaces brand.
Mailbox REIT is a single asset real estate investment trust, which will be the first company to list on the International Property Securities Exchange (IPSX). The REIT’s prospectus contained an initial 5% dividend target and management believes this can be “incrementally increased to 7% and beyond within the medium-term”, following the agreement with IWG.