Civitas, the first social housing REIT on the London Stock Exchange, has raised £350m for its IPO.
The company said the IPO was oversubscribed and applications had to be scaled back. It is expecting to start trading on 18 November.
Proceeds will be used to buy social housing in England and Wales, leading to a target dividend yield of 5%.
Paul Bridge, chief executive of Civitas, said: “Civitas looks forward to working in partnership with social housing providers to enable significant new investments into the sector.”
Cenkos Securities is acting as sole sponsor and financial advisor.
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