Stephenson Harwood LLP has advised Cenkos Securities plc and Zeus Capital in connection with the launch of Civitas Social Housing PLC, the first Real Estate Investment Trust targeted at the social housing market.
Civitas Social Housing PLC will be listed on the Official List of the UK Listing Authority and trade on the main market of the London Stock Exchange. Cenkos Securities plc is the sole sponsor and financial adviser, and Cenkos Securities and Zeus Capital are the joint placing agents.
The IPO raised gross proceeds of £350 million, representing the largest investment fund IPO of 2016 to date on the London Stock Exchange. Civitas Social Housing PLC will invest in a diversified portfolio of existing social homes in England and Wales, entering into long-term inflation adjusted lease or occupancy agreements.
The Stephenson Harwood team was led by corporate partner Alex Haynes who was assisted by corporate associate Nick Horton.