£65m equity fundraising 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 fundraise represented the first of a 12 month Share Issuance Programme which comprised the authority to issue 300m shares in the company. A new tripartite prospectus was published as part of this programme. Immediately following this fundraise the Company acquired a series of assets in Exeter, Leeds and Glasgow.
Public takeover of Rugby Estates Limited (formerly Rugby Estates plc) by Lingfield Properties Ltd
About the client:
Lingfield Properties Ltd is a family owned, property investment company, which has invested in a number of property and property-related businesses in UK and Europe since 1989, capitalising on a varied range of opportunities.
About the transaction:
Lingfield acquired the entire issued share capital of Rugby Estates Ltd, a formerly AIM listed property investment company, through a recommended cash offer under the Takeover Code. The transaction facilitated a final exit for Rugby Estates shareholders while Lingfield acquired the existing cash balances and the remaining lease on a Mayfair property at an attractive valuation.
£150m 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 investment company 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 a move to the Main Market of the London Stock Exchange, and a cancellation of its Channel Island listing. It allowed the Company to acquire assets let to tenants such as Tesco, DHL, and Rolls-Royce.
Development of a new REIT and IPO raising £85m 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:
Akur worked closely with the management team of Empiric for approximately 8 months prior to the IPO, during this period, the investment strategy was developed, the full structuring of the new plc company developed and put in place, the agreements to acquire the initial £40m of seed assets, and the sourcing of key cornerstone investors. This 8 month process was a true “idea to IPO” process, requiring a full development of a functioning plc with an investment rationale attractive to institutional investors.
Following the IPO, Paul Hadaway, CEO commented: “…the key to the success of this project was the highly differentiated structure and focus of the offering. We spent over six months working closely with Akur to get this right, Akur showed real commitment and belief in the project from day one, and we look forward to moving forward as a listed company with them…”
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