FINANCE: Residential specialist Mill Group is to list a REIT on London’s AIM with a view to raising up to £50m in the 12 months.
Mill Group is aiming to raise an initial £1m, but has plans to tap into the capital markets again in 2015.
The company will invest in buy-to-let properties across the UK, but initially in London and the South East.
David Toplas, Mill Group’s chief executive and founder, said: “Many other funds are looking for residential stock in large scale, but large purpose-built assets of this type simply do not exist yet in the UK. This type of asset would require the services of specialised management professions who are very thin on the ground – and still unproven.”
“We are behaving more like a buy-to-let landlord – a very cash-rich one – and we make no apology for that.”
The REIT is aimed at both institutions and retail investors looking for real estate exposure via SIPPs and ISAs, Toplas said.
