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Bahraini investment company Arcapita has said it is 'weighing its options' after cancelling the planned IPO of asset manager PointPark Properties (P3). The IPO was designed to enable P3 to acquire a portfolio of institutional-grade logistics valued at EUR 760 mln which it manages for its parent company.

'Arcapita has taken the view that there is greater value to be achieved by not pursuing an IPO,' a spokesperson for P3 confirmed to PropertyEU. 'There was no pressure to sell at this point in time and there never was. Arcapita will continue to assess the options to optimise value for themselves and for the shareholders,' he added.

The IPO was cancelled after Arcapita failed to get the price it was seeking for the logistics company. Had the IPO gone ahead it would have been the first real estate flotation in London since 2010.

P3 acknowledged that the cancellation of the IPO was a disappointment, but added that it would return to 'business as usual' to manage the portfolio and optimise its value.

P3, a wholly owned subsidiary of Arcapita, announced in early October that it intended to float on London Stock Exchange to raise about EUR 250 mln. The funds were to be used to help buy the 46-asset logistics portfolio it manages. Ian Worboys, chief executive of P3, said at the time that the IPO had been in the works for two years.

It is not likely that Arcapita will reach a decision on the future of the portfolio before the end of the year.