BLP advises Secure Income REIT Plc on its admission to AIM

International law firm, Berwin Leighton Paisner (BLP), has advised Secure Income REIT Plc (SIR) on its admission to AIM.  SIR is a UK REIT specialising in generating long-term, inflation protected, secure income from real estate investments.  SIR owns a freehold portfolio of 28 key operating real estate assets valued at £1.46bn.

The portfolio includes some of the UK’s top visitor attractions and theme parks, namely Madame Tussauds in London, Alton Towers theme park and hotel, Thorpe Park and Warwick Castle, as well as 21 private hospitals in the UK. SIR will be externally managed by Prestbury Investments LLP.

The Prestbury team has been responsible for a series of highly successful property investment businesses over more than 25 years, including, most recently, Max Property Group Plc.

SIR will seek to expand its portfolio and the Prestbury team aims to build the UK’s leading REIT specialising in long term index linked rental income.

Admission to AIM occurred on 5 June 2014.  SIR raised £15m before expenses at Admission through a placing of 8,620,689 new Ordinary Shares at 174 pence per share.  SIR had a market capitalisation on Admission at the placing price of £293m.

The BLP team included BLP’s Co-head of Corporate Finance, Benjamin Lee, Corporate Finance Partner, Richard Werner, and Corporate Finance Associates Siobhan Ferguson and Dimple Purohit.  The team also included Corporate Tax Partner, Cathryn Vanderspar, regulatory specialist, Matthew Baker, and Real Estate Senior Associate, Ruth Miller.

Benjamin Lee said: “We are delighted to have acted for Secure Income REIT on this deal.  The Prestbury team have created an interesting platform from which to grow a specialist REIT focussing on long-term indexed linked income.  Using the REIT structure to package investment opportunities of this type is a trend we expect to continue over the coming period.”



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