£25m structured equity – funding the development of 1,000 new PRS homes
About the client:
PlaceFirst is one of the UK’s only integrated specialists in the Private Rented Sector (PRS) as a developer, owner and operator. Seeking to redefine the institutional PRS sector in the UK, PlaceFirst develops modern, high-quality, affordable homes, designed specifically from the ground up for the private rental market.
About the transaction:
Akur Capital ran an extensive process to identify and deliver the most appropriate capital to partner with the PlaceFirst management team. As an emerging asset class within UK real estate, institutional PRS is still very much in its development phase in the UK – there is currently no clear accepted market practice to delivery – but the need for high quality PRS in the UK is overwhelming.
Akur is pleased that ESO Capital, a European special situations investor with real estate interests, has committed to partner with PlaceFirst for the development and delivery of its PRS portfolio.
David Smith-Milne, CEO of PlaceFirst commented: “We are grateful to the Akur team for their work in the delivery of ESO as our new funding partner and for their support and advice over an extended period of time. We were attracted to the Akur team in part because of their success in structuring and financing new and highly focused alternative real estate asset classes, within both private and UK listed REIT structures. We also had a shared vision for the potential of the PRS space in the UK from the very outset. From the early stages of the project Akur’s understanding of the issues of this emerging sector has been critical in securing a successful funding outcome for PlaceFirst. We look forward to continuing to work with Akur as PlaceFirst develops a new standard for the delivery of PRS in the UK”
£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.
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