Special Opportunities Reit pulls IPO after missing £250m target (2024)

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The initial public offering of Special Opportunities Reit has been cancelled as the positives offered by the fund were insufficient to convince investors. Leave a comment A reported bid by broker Ardonagh for the best bit of loss-making online insurer Wefox is being resisted by Chrysalis Investments and other shareholders. GAVIN LUMSDEN, CITYWIRE INVESTMENT TRUST INSIDER Editor’s Picks Videos & podcasts Canada has multiple gas producers and pipeline companies to invest in and the country is about to ramp up exports of liquefied natural gas to Asia, says Middlefield Canadian Income co-manager Rob Lauzon. COMMENT & ANALYSIS Shares in a leading infrastructure fund look good value as its board becomes more focused on improving shareholder returns after a tough two years for the stock. GUIDES Discounts – where investment trust share prices trade below their underlying value – are sometimes presented as a good thing. Are they, asks Gavatar? References

investment company doldrums 12 Jun, 2024

The initial public offering of Special Opportunities Reit has been cancelled as the positives offered by the fund were insufficient to convince investors.

Special Opportunities Reit pulls IPO after missing £250m target (1)

By Gavin Lumsden, Michelle McGagh

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Property fund manager Simon Lee’s attempt to launch the first real estate investment trust in three years has failed with the initial public offering (IPO) of Special Opportunities Reit(SOR)failing to raise the minimum £250m.

The decision is a blow to the nascent recovery in investment companies after a widespread derating of share prices in the past two years and with the sector plagued by the failure of the government and City regulator to reformfaulty charges disclosure rulesbefore the election.

The prospects for the flotation hadappeared to look good. Lee (below), a high-profile manager of the former LXi Reit, had secured the support of a heavyweight board chaired by Harry Hyman, founder of Primary Health Properties(PHP), and attracted up to £119m fromcornerstone investors led by US credit specialist GoldenTree Asset Management.

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Related Portfolio Managers

Marcus Phayre-Mudge Special Opportunities Reit pulls IPO after missing £250m target (2)

Special Opportunities Reit pulls IPO after missing £250m target (3)

11/65 in Property - Global Equity (Performance over 3 years)

Average total return:

1.76%

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GUIDES

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Special Opportunities Reit pulls IPO after missing £250m target (2024)

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