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IQESSSL acts for Fundamentum REIT Listing on TISE - the first for an Isle of Man Sponsor

Posted on in IQE news and events

IQE Securities Sponsor Services Limited has acted for Fundamentum Social Housing REIT Plc which was admitted to the Official List of TISE on Thursday, 7th November 2019. A new Real Estate Investment Trust (REIT) focused on investing in social housing in the UK has been listed on The International Stock Exchange (TISE).

It is focusing on investing into supported housing and general needs housing, in conjunction with housing associations, local authorities and housing charities in the UK.

Fiona Le Poidevin, CEO of The International Stock Exchange Group (TISEG), said: "I am pleased to welcome Fundamentum to TISE. This is the fifth REIT to list on TISE so far this year and takes the total number of REITs listed on TISE to 25, which represents more than 30% of the total HMRC-approved UK REIT market. It is especially rewarding to see this REIT list given that its purpose is to help fulfil the demand for housing in the UK and in particular make a positive social impact by providing additional stock for a sector of society which is most in need of appropriate housing."

The company is seeking to raise up to £350 million for investment into the social housing sector.

Jim Boyd, Chairman of Fundamentum Social Housing REIT PLC, said: "We are delighted to list on TISE. The listing marks the culmination of a significant amount of work to identify suitable investment opportunities and attract investors who are seeking income and capital growth through investment in a portfolio of assets in the UK social housing sector but who are also aligned with our objective of helping to tackle the growing shortage of supported housing available to those in need across the UK. We expect that the listing will enable us to start to put the initial proceeds to work while also helping to attract further capital which can be invested into this traditionally under-invested yet vitally important area."

Sponsor to the listing on TISE is IQE Securities Sponsor Services Limited.

Anne Couper Woods, Director of IQE Securities Sponsor Services Limited, said: "It has been fantastic for me and Helen Hall, IQESSSL's Head of Sponsor Services, to work with the team from Fundamentum on this listing. It not only represents the first time that an Isle of Man-based Listing Member has sponsored the listing of a REIT on TISE but it is very pleasing that there is real potential to assist those who need to access supported housing in the UK."

The company has appointed Fundamentum Property Advisers Limited as Investment Adviser, Langham Hall UK Services LLP as the administrator, while Keystone Law is UK legal and tax adviser, Keystone Law (Isle of Man) Limited is advising on aspects of Isle of Man law and KPMG Audit LLC in the Isle of Man is acting as auditor.

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On a recent transaction we worked closely with IQE to set up and run a corporate structure to facilitate a new residential development in London. We found the IQE team responsive and proactive. It was clear that their property experience added value and understanding of the clients’ requirements on the project. Christine Jackson, Partner, Real Estate Group, Lawrence Graham LLP

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