Mapeley is to be taken private by its majority shareholder Fortress Investment Group.

The property outsourcing and investment company is likely to leave the stock market on 20 April. The move was inevitable once it emerged two weeks ago that Fortress would own at least 75% of Mapeley’s shares following conversion of convertible bonds into ordinary shares.The £45m of convertible bonds were sold by Mapeley to investors in order to repay a £60m loan from Deutsche Bank, which matures in April. Three-quarters of the bonds, or £34.9m, were bought by Fortress, which two weeks ago said it was converting them into ordinary shares.Last December, when the convertible bond issue was launched, Fortress said Mapeley would be delisted, if it ended up with more than 75% of its shares.