UK: The board of GCP Co-Living REIT has announced it will delay its initial public offering due to the situation in Ukraine.
The board also proposed admission of ordinary shares to the Specialist Fund Segment of the London Stock Exchange. The company will not be accepting subscriptions and will be refunding all subscribers.
The company had planned to raise £300 million from the IPO in early March. It will reopen its subscriber list once it has restarted the process to go public.
Gravis Capital Management announced its plans to list the new investment trust on 3 February, 2022. The set target was 300 million shares, with each share set at ₤1.00. The trust was planning on investing primarily in independent coliving assets in urban areas.
When the company anounced its intention to launch the IPO in early February, Nick Barker, director at Gravis and fund manager of GCP Co-Living REIT, said: “The coliving sub-sector of the residential market is attracting significant interest from real estate investors and specialists, as well as local government and planning agencies who see the potential of this housing model to address fundamental inequalities in the residential sector. We are seeing a generation which has enjoyed the benefits of PBSA now seeking those same benefits as they progress in their professional lives. With a focus on mental health and wellbeing derived from the shared living experience, as well the environmental benefits of purpose-built assets which meet high sustainability standards, we believe Co-Living has exciting prospects for the future.”
“We are pleased to have secured exclusivity on behalf of GCP Co-Living REIT to acquire three prime London based coliving Assets. The two operational assets deliver all the benefits of the coliving model, including the provision of stable revenue generation in spite of the recent pandemic. The development ready asset will serve to boost returns on its completion and provide a high quality, amenity rich accommodation for residents,” he added.
