The former head of real estate banking at NM Rothschild, Andrew Radkiewicz, is launching a UK-listed investment company focused on debt finance for European property, in the latest attempt to exploit the retreat of commercial banks from the sector.

Although there have been a number of private equity and unlisted fund launches in recent months, Rocksburgh Capital will be the first listed vehicle focused on the mezzanine debt market since the property boom ended last summer.

Reports suggest that the Jersey-based company is expected to raise around £125m through its flotation, and unusually is not expected to be geared. This will mean that its investments into mezzanine debt behind property transactions will be akin to a more secure form of equity, protected behind the purchaser's own equity tranche.

The company will be managed by Rocksburgh Capital Investment Management, set up by Mr Radkiewicz and a former Rothschild colleague, Andrew Macland. Mr Rad-kiewicz led a number of high-profile debt deals for Rothschild as its former managing director of real estate banking. Oriel Securities will conduct the placing.

Rocksburgh will provide mezzanine finance to commercial property companies across Europe, focusing on markets such as the UK, Germany, France and the Nordic countries, and across most property sectors. There will also be a small allocation to development finance.