Investment firm Residential Secure Income set to IPO
London-based investment company seeking to raise £300m via its placing to provide Housing associations and Local Authorities with alternative finance
Residential Secure Income plc, a closed-ended investment company, has announced its intention to launch an initial public offering (IPO).
Incorporated in March 2017, London-based Residential Secure Income will provide Housing Associations and Local Authorities with alternative equity-like finance sources to support their development plans.
Because of reductions to grant funding from the UK government, Housing associations and Local Authorities are seeking private capital, which can be used to diversify into other activities and be recycled into new developments.
With admission and trading set to commence on or around 12 July 2017, Residential Secure Income is looking to raise up to £300m via its placing and become a real estate investment trust.
The prospectus is expected to be published and the issue open during the week commencing 19 June 2017 and closing on or around 6 July 2017.
Proceeds will be invested in residential asset classes comprising the stock of UK social housing providers.
Rt. Hon Baroness Dean of Thornton le Fylde, chairman of Residential Secure Income plc, commented:
“Residential Secure Income plc aims to become a long term capital partner of Housing Associations and Local Authorities, enabling them to increase their development of new homes by re-cycling capital whilst continuing to manage, maintain and rent out the homes.”