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Listed Funds

Our listed funds practice has a long-standing expertise on advising in relation to investment trusts, real estate investment trusts (or REITs) and all other forms of listed funds. In particular, our full service practice means that we have a deep understanding of the tax, regulatory and commercial environment in which any listed fund operates.

We advise clients in relation to:

  • initial public offerings (IPOs) of listed funds on both the main market and AIM;  
  • secondary fundraisings and sales for listed funds, including placings, rights issues, open offers and other structures (including the use of retail offers);
  • the use of onshore and offshore vehicles for listed funds;
  • the advantages and disadvantages of internally and externally listed funds, including the appropriate regulatory approach for each;
  • the relationship between listed funds and their managers (including in relation to changing managers);  and  
  • mergers and acquisitions in relation to listed funds.   

Please see our guide to UK REITs and investment trust guide for more information on these topics.

Recent work

Supermarket Income REIT

Acting for Supermarket Income REIT on a considerable number of transactions including its IPO on the specialist fund segment as a blind pool REIT, 9 subsequent equity fundraises, raising approximately £1bn in aggregate, the establishment of placing programmes, the company’s move from the specialist fund segment to the Main Market, over 30 real estate acquisitions and a number of debt facilities.

Supermarket Income REIT

Advising Supermarket Income REIT on its migration from the Specialist Fund Segment of the London Stock Exchange to the premium segment of the Official List of the Financial Conduct Authority and to trading on the premium segment of the London Stock Exchange’s Main Market for listed securities.

Supermarket Income REIT

Advising Supermarket Income REIT on its £200m fundraise by means of a placing and offer for subscription, substantially exceeding the maximum initial target for the raise of £100m.

Supermarket Income REIT

Advising a joint venture backed by Supermarket Income REIT plc on the acquisition from Aviva of a 25% stake in one of the UK's largest portfolios of supermarket properties for £115m.

Regional REIT

Acting for Regional REIT on its IPO, which involved the conversion of four existing funds into a REIT and on a number of further transactions, including equity fundraises, a bond issue and acquisitions.

Horner REIT

Acting for Horner REIT on its listing on the International Stock Exchange as a private REIT.

Prime London Capital Fund

Acting for Prime London Capital Fund on a proposed residential REIT.

PAIF

Acting on a proposed new REIT, to be seeded from an existing PAIF portfolio, with a rollover option for existing PAIF holders. This project presented a number of complex issues particularly on the duties of the ACD around conflicts of interest, valuation to investors, and investor engagement issues.

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Mark Slade

 Senior Counsel
+44 (0)20 7849 2269 Email Mark

Lora Froud

 Partner
+44 (0)20 7849 2409 Email Lora

Alexandra Green

 Partner
+44 (0)20 7791 4100 Email Alexandra

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