|Empiric Student Property plc
|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: