Amsterdam-based Meridian Properties cancelled its EUR 170 million or USD 230 million initial public offering in Poland. The company said market conditions were not right for it to do a public listing. Meridian would have become the first real estate investment trust (REIT) to be listed on the largest equity market in Central Europe. The IPO was initially slated for June, but was postponed. Meridian's bookbuilding for new shares was stopped yesterday.

Bluehouse Capital Advisors owns a controlling stake in Meridian. The REIT had originally intended to buy properties from Bluehouse using IPO proceeds, a prospectus which appeared on Meridian's website had revealed. The document said it would be taking advantage of its relationship with Bluehouse to have access to investments in the real estate market.

Jaroslaw Lis of BPH TFI Mutual Fund in Warsaw told Bloomberg through email, "Investors disliked the fact Meridian would use the proceeds from the IPO to buy properties from a private equity company that controls Meridian. Some properties are in southeastern Europe, which also may have discouraged buyers."