PacificIndustrial & Logistics REIT is poised to float on the London stockexchange's AIM market, with April 13 being the expected admission date.
Thenew REIT will list 10,317,910 ordinary shares at a price of 100 pence apiece,according to an April 7 news release. The company also said itconditionally agreed to acquire its first portfolio upon admission.
PacificIndustrial noted that it will pursue investment opportunities in propertiesthat comprise an interest in freehold or leasehold property provided that theproperties are modern U.K. industrial or logistics properties and typicallysingle-let. The new REIT will also target assets that offer scope for rentalgrowth and out-performance, strong tenant financial covenant, lease terms focusingon duration and rental growth, and positive geographical characteristics, amongother things.
Thecompany may undertake acquisitions directly or through holdings in specialpurpose vehicles, and it may hold properties through limited partnerships, trustsor other vehicles with third-party co-investors. It may invest up to 10% of itsNAV in properties requiring redevelopment. The company noted that it will notcarry out investments on a speculative basis.
PacificIndustrial is being advised by finnCap Ltd. Investec Wealth& Investment Ltd. and Rathbone Investment Management Ltd. figure among thefirms investing in the new vehicle.
TheREIT is backed by property investor Sir John Beckwith's Pacific Investments.The company sought to raise £50 million in equity and intended to seek privatefunding if the capital raise proved unsuccessful, as earlier.
Property Week reported April 8 that theto-be-acquired portfolio consists of 11 properties in the U.K.'s Midlands, andis worth £27.6 million. Richard Moffitt, who until recently worked at CBRE,will lead the vehicle. Other board members will include Bruce Anderson andJonathan Gray.