£125m 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 represents the first of a 12 month Share Issuance Programme which comprises the authority to issue 165m shares in the company. A new tripartite prospectus was published as part of this programme.
Significantly over-subscribed, the fundraise was increased from a target of £90m to the cap of £125m. Comprising a Placing, an Open Offer, and Offer for Subscription.
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 £100m to the hard cap of £200m. Comprising a Placing, an Open Offer, and Offer for Subscription. The proceeds were raised for continued investment in standing and development assets. BBOX focuses on large scale logistics assets let to blue chip clients, providing scale and automation to major on-line retailers.
£86m 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 final equity fundraise for Empiric under its Share Issuance programme, and the fifth undertaken by Akur, was heavily oversubscribed. The roadshow took place over three weeks it took the Company’s market capitalisation above £400m.
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. This is the fourth major deal Akur has advised on, overseeing the company’s growth both organically and by acquisition throughout the period.
About the transaction:
Akur acted as exclusive financial adviser to Hayward Tyler on its acquisition of the trade and assets of the Peter Brotherhood business from Dresser-Rand Company Ltd, a Siemens AG owned business for $15m, payable wholly in cash from a new facility provided by RBS.
Peter Brotherhood is a UK engineering business specialising in steam turbines and a variety of power and efficiency technology for the power generation, oil and gas and marine markets.
The acquisition is immediately earnings enhancing, and sees Hayward Tyler’s scale, number of customers, orders, and thus diversity growing substantially.
In the few days following announcement the Hayward Tyler share price rose by over 15%.
+44 207 493 3631
