Joel Cheah, chief financial officer of the Reit manager, said that they were guided by the banks to have such an allotment structure, after subtracting the cornerstone and placement tranches.
There is, however, institutional participation from the existing investors in the private trust that holds the properties. All have agreed to roll over their existing stakes into the listed Reit vehicle. The Reit's assets are unique in that they are 99 per cent let to the UK government and primarily used by the Department for Work and Pensions, the UK's biggest public service department responsible for welfare, pensions and child maintenance policy. The manager thus prides itself on its very counter-cyclical and recession-proof occupier, which makes the asset class very stable.
The Reit has assets under management of about £320 million currently and seeks to grow its portfolio over time through the potential development of undeveloped land in its portfolio, including a possible doubling in size of its Peel Park asset in Blackpool.
Source: News Formal (newsformal.com)
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