Another first! B&C helps SOR target largest IPO - and first investment trust launch - this year

06/06/2024

Another first: we’re delighted to have helped The Special Opportunities REIT with Prospectus production ahead of its IPO later this month.

It marks the first investment trust IPO this year, and at £500m, it’s aiming to be the largest fundraising to date in 2024 too.

The trust, which will invest in “high-quality properties” being sold by “distressed and/or highly motivated sellers”, will close applications for IPO on 11 June, before it seeks to list on the London Stock Exchange six days later.

It will be run by the former management team of LXI Reit, which merged with Londonmetric Property earlier this year.

Three cornerstone investors have already committed between £104m and £119m between them: GoldenTree Asset Management, TR Property Investment Trust and other Columbia Threadneedle investments funds, and the Bhavnani family office.

Simon Lee, CEO of Special Opportunities REIT, said: “We are really excited at the prospect of admitting Special Opportunities REIT plc to the London Stock Exchange.

“We expect to deliver attractive crystalised returns to shareholders through investing, at what we believe is the bottom of the UK real estate market cycle and with a unique set of circumstances, in very high-quality properties being sold by distressed or highly motivated sellers, often at prices less than their already depressed current market values.

“We have used our extensive industry relationships to establish an attractive and deep short-term pipeline of high-quality portfolio and single asset deals against which we expect to deploy the net IPO proceeds within six months.”

Congratulations to the SOR team, and our heartfelt thanks to our wonderful clients at Deutsche Numis.

If you'd like to find out how we can help ensure the success of your most prestigious IPOs, chat with us today: hello@blackandcallow.com

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