Mill Group Residential has announced plans to launch the UK’s first mainstream REIT dedicated to housing.
The firm wants to develop Mill Residential REIT via a crowdfunding platform and an initial public offering.
Residential properties in London, southern England and the Midlands will be acquisition targets. They will be used in the private rented sector.
The company will undertake a roadshow to gather interest before listing on the London Stock Exchange before the end of the year.
At the same time, investors in the REIT will be able to invest via SyndicateRoom, which allows members to co-invest alongside professional investors with a minimum investment of £1,000. A raise of £300,000 is sought to add to £2m already committed to by the firm.
Ian Ellis, the former chief executive of Land Securities Trillium, has been appointed as chairman of the REIT.
Ellis said: “Mill Residential REIT will provide investors with a significant opportunity to gain access to the vast and growing UK residential market. With the expertise and track record of Mill Group Residential, we are well placed to take advantage of the significant property opportunities that exist across the UK.”
joanna.bourke@estatesgazette.com
