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…”
£20m 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 equity fundraise (conducted as a non pre-emptive Placing) was concluded in a single morning. It allowed the Company to acquire a major big box asset let to NEXT Group plc for a total investment of £60m
Hayward Tyler Group plc is a leader in the design, manufacture and servicing of performance-critical motors and pumps for the harshest of environments. Core markets for the group include: oil & gas exploration; power generation – both conventional and nuclear; and the chemical/industrials sector. With facilities in the UK, US, China and India, the Group has a proven reputation for providing innovative, reliable technological solutions built on a proud heritage stretching back over 200 years.
Hayward Tyler has been advised by Akur since its London IPO (by reverse takeover) in January 2010.
About the transaction:
Akur proposed and originated the sale of strategic investor MBE Technology’s 43% stake in Hayward Tyler to a broad range of UK and international institutional AIM investors. Concurrently Akur acted as financial adviser on HT’s debt refinancing package.
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:
Akur led the development of the REIT and spent nearly 10 months working on the development and structuring of the project including finding the key cornerstone investors.
The first REIT for the Tritax Group and one of the largest real estate IPOs in 2013.
Mark Shaw, Chairman of Tritax commented: “…Akur has shown tremendous commitment to the project from the initial development and structuring through to the fundraising… It was particularly valuable to us to have an independent and highly experienced IPO adviser leading the process…”
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