The initial public offering (IPO) of UK Residential REIT failed to raise its target £150m.
The investment company announced its intention to float at the beginning of June and was hoping to announce its initial fundraising on 14 July and enter the market on 16 July, according to the prospectus.
[QD comment: It’s slightly surprising that this failed to hit its target, given the strength of the demand for rented homes and the well-publicised housing shortage in the UK. The fund would have been focused on the affordable part of the rental market, where the pool of potential tenants is deep, and distinguishes itself from other listed rental residential players like Grainger (more high end) and PRS REIT (family homes). It will be interesting to see whether it comes back at some point in the future, as there is certainly a place for it.]
URES : UK Residential REIT fails to hit IPO target