Law firm Stephenson Harwood LLP has advised Home REIT on its £240.5 million IPO on the London Stock Exchange, the biggest fund IPO of the year so far.

The real estate investment trust, which will trade on the main market of the London Stock Exchange from 12 October, will invest in a portfolio of homeless accommodation in the UK, targeting inflation protected income and capital returns. The accommodation will be let on long leases – of around 20 to 30 years – to registered charities, housing associations, community interest companies and other regulated organisations. Home REIT will be managed by Alvarium Fund Managers (UK) Limited and advised by Alvarium Home REIT Advisors Limited, both subsidiaries of the Alvarium Investments group.

“This was an important deal on which to advise,” said William Saunders, partner, Stephenson Harwood. “Not only in terms of it being the largest investment trust IPO of 2020, and the biggest UK-focused REIT IPO for more than three years, but also with regards to the positive social impact it will have. It was exciting to work with Home REIT, as it embarks on this journey and joins the fight against homelessness in the UK.”

The Stephenson Harwood team was led by partner William Saunders and associate Alan Sauvain. Partner John Meehan and senior associate Kate Worthington advised on the tax aspects of the deal, and senior associate Alexa Whitehead provided further support.