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(Alliance News) - Supported housing trust Independent Living REIT PLC on Monday announced plans to float on London's Main Market, as investor appetite for stocks with environmental, social, and corporate governance credentials grows.
Independent Living plans to raise GBP150 million in its initial public offering. A target share price for the float was not given. It expects to list on October 4.
"The company's investment objective is to address the shortage of high-quality supported housing, delivering capital growth and inflation-linked income returns for its investors whilst providing a fair deal for society through savings for the UK taxpayer, and improved outcomes for residents," Independent Living explained.
It focus will be on specialised supported housing - including for adults with learning difficulties - homeless accommodation and also extra care properties. The latter includes blocks or flats designed to care for adults over the age of 55.
"Extra care is an alternative to care homes with the care typically provided by a specialist third party care provider," the trust explained.
Independent Living is targeting a dividend of five pence per share in its first and second financial years following its listing. It will look to "progressively" lift its payout thereafter. It is also targeting an annual total return of 7% to 10% over the medium term.
It has a pipeline of around GBP500 million worth of assets.
It is managed by Atrato Partners Ltd, which currently manages London-listed Supermarket Income REIT PLC and renewable energy investment trust Atrato Onsite Energy PLC.
Independent Living Chair Fiona Miller Smith said: "We have specifically designed Independent Living REIT PLC following extensive dialogue with the regulator of social housing. Our model delivers a long-term, financially sustainable approach that benefits local authorities, residents and investors. By delivering safe housing for vulnerable members of the community, we will provide a clear and measurable impact to society."
Market enthusiasm for stocks with an ESG focus is growing. Bluefield Solar Income Fund PLC and NextEnergy Solar Fund PLC are set to join the FTSE 250 index, when the latest quarterly review takes effect next week Monday.
Already listed in the FTSE 250 is Home REIT PLC, which invests in homeless accommodation.
By Eric Cunha; ericcunha@alliancenews.com
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