£75m equity fundraise on the London Stock Exchange
About the client:
Empiric Student Property plc is an internally managed real estate investment trust (“REIT”) investing in modern, direct-let, premium student accommodation, both standing and development assets, with a focus on quality and with assets in prime central locations in top university cities and towns in the UK.
About the transaction:
This, the fourth equity fundraise for Empiric since Akur led its IPO in June 2014, was significantly oversubscribed at the upper level of the range. A roadshow took place over four weeks and new shareholders in this raise included Asset Value Investors, it took the Company’s market capitalisation above £300m. Immediately prior to this fundraise Empiric joined the FTSE All Share index.
Almor is a niche online casino operator whose principal brands sunmaker, sunnyplayer and kingplayer have established a strong position in their core German-speaking markets since the business launched in 2011, offering a large range of online casino games as well as a sportsbook. The business generated earnings of €1.2 million from net gaming revenue of €11.1 million in 2014 and recorded over 55,000 active customers in the first 5 months of 2015.
About the transaction:
Akur advised Almor in the sale of 71% of the business to Cherry AB (a Swedish listed provider of gaming activities with a 50 year operating history). Akur had a central role in the origination, negotiation and final execution of the deal.
Fredrik Burvall, President and CEO of Cherry, commented: “The deal gives Cherry a larger and more significant presence in continental Europe, contributing positively to both our margins and our growth prospects.”
Alexander Knopf, director of Almor, added: “We are delighted to be joining Cherry, whom we believe to be the ideal partner for Almor to continue its remarkable growth. We are grateful to the Akur team for their vital role in bringing this transaction together. From the early stages of identifying and introducing potential partners through to structuring and finalising the deal with Cherry, we have been impressed by Akur’s sector expertise and professionalism throughout the process.”
£54m equity fundraising on the London Stock Exchange
About the client:
Tritax Big Box is a leader in UK Big Box real estate investment and is the first listed entity to give pure exposure to the Big Box asset class in the UK – advised by Akur since 2012
About the transaction:
This fundraise was the final piece of the Company’s share issuance programme, following this successful raise the Company’s market capitalisation now comfortably exceeds £800m. This fundraise also coincided with the entry of the Company into the FTSE250. The funds allowed the company to continue to invest in its target assets across the UK.
This transaction represents the sixth since Akur led the IPO of the Company in December 2013.
£175m equity fundraising on the London Stock Exchange
About the client:
Tritax Big Box is a leader in UK Big Box real estate investment and is the first listed entity to give pure exposure to the Big Box asset class in the UK – advised by Akur since 2012
About the transaction:
This fundraise coincided with the inclusion of the Company into the EPRA index – a critical index for REIT investors. EPRA index inclusion is only tested annually – in order to gain entry and to leverage this to assist in this major fundraising the Company had to undertake a significant acceleration of the preparation of its first annual report and accounts.
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