Max Property completed its first deal since flotation on Aim in May, paying £232.1m for a portfolio of industrial properties that was valued at £630m two years ago.

The company, which made the largest initial public offering in the UK this year, raising £220m at 100p a share, signalled a fortnight ago that it was in exclusive negotiations to buy the properties from Ernst & Young, which was acting as receiver for the Industrious Group.

Nick Leslau, the entrepreneur behind Max Property, said he was 'pretty excited' by the acquisition. Industrious had been operating for 18 months or more in a straitjacket – with no capital expenditure – so it presented a great opportunity, said Leslau.

Financial Times