K&C REIT has acquired Silcott Properties on its first day of trading on the stock exchange, adding four residential properties to the portfolio.
K&C REIT, which is described as central London’s first residential REIT, commenced trading on the AIM as planned, having raised more than £3.5m through a share placement.
The company has used its initial capital to buy Silcott, a small residential investor, for £3.6m.
In the purchase, K&C acquires 25 Coleherne Street in Chelsea, SW3, a 3,976 sq ft residential property that was valued at £4m in June. Three smaller properties were also included in the purchase price.
On admission to AIM the company issued a total of 43,785,623 ordinary shares at 10p each, giving the company an initial market capitalisation of £4.4m.
Allenby Capital acted as adviser.
