Richard Tice is planning to join the ranks of property entrepreneurs tapping into strong investor demand for real estate.
It emerged this week that the former CLS Holdings chief executive has appointed Numis Securities to gauge appetite for a new property vehicle that could raise up to £150m by listing on the London Stock Exchange.
Tice was removed from his non-executive role at the company with immediate effect because he was working on a competing vehicle.
He took up the non-exec role only three months ago when he stepped down from the helm of the listed firm, which has a £1.1bn property portfolio.
Since leaving, Tice has set up Tisun Capital and is also the non-executive chairman of AIM-listed fund SAPRO, which invests in South African real estate.
The equity markets have proved successful for a number of other investment firms targeting European real estate.
In Ireland, Stephen Vernon’s and Pat Gunne’s Green REIT raised €310m (£255m) in an initial listing and plans a further €400m share placing.
Former Treasury Holdings bosses John Bruder and Niall Kavanagh are also eyeing a REIT launch through their Burlington Real Estate asset manager.
bridget.o’connell@estatesgazette.com
