New REIT and IPO raising £200m on the London Stock Exchange
About the client:
Triple Point Social housing REIT plc invests in UK social housing assets, and is focused on supported housing.
About the transaction:
Akur led the project from initial concept through development and to the successful, oversubscribed IPO.
This work included, the full structuring of the new REIT, development of the investment rationale and policies, the agreements to acquire the initial portfolio of seed assets, and the sourcing of key cornerstone investors. This process was a true “idea to IPO” process, requiring a full development of a functioning REIT with an investment rationale attractive to institutional investors.
Following the IPO, Ben Beaton, Joint Managing Partner of Triple Point, commented: “…simply put, without Akur, this project would not have happened. Thank you for the incredible effort…”
£110m 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 assets in prime central locations in top university cities and towns in the UK.
About the transaction:
This fundraise was conducted for a specific portfolio of assets in London, which will add in excess of 1,000 beds to the wider Empiric portfolio.
The fundraise was a single Prospectus issue comprising a Placing, an Open Offer, Offer for Subscription, and Intermediaries Offer
£350m equity fundraising on the London Stock Exchange
About the client:
Tritax Big Box is the 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:
Significantly over-subscribed, the fundraise was increased from a target of £200m to the hard cap of £350m, at which level there was significant further demand.
BBOX focuses on large scale logistics assets let to blue chip clients, providing scale and automation to major on-line retailers.
£350m 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:
Significantly over-subscribed, the fundraise was increased from a target of £150m to the hard cap of £350m, even at this level there was significant further demand. For the first time in the Company’s history BBOX exchanged contracts ahead of the completion of the fundraise, in this case to acquire £172m of assets – comprising three Big Box assets, let to the Co-operative Group, Whirlpool and Euro Car Parts – the vendor was a gated open-ended property fund needing liquidity. Comprising a Placing, an Open Offer, and Offer for Subscription, this substantial transaction further supports BBOX’s place as the UK’s listed “ logistics giant* ”.
BBOX focuses on large scale logistics assets let to blue chip clients, providing scale and automation to major on-line retailers.
+44 207 493 3631
