Special Opportunities REIT scraps IPO plans after falling short of £250m target

To proceed via private capital

Special Opportunities REIT (SOR) has decided not to proceed with its initial public offering after falling short of its minimum £250m fundraising target.

In a stock exchange notice today (12 June), the board said it did not believe it would be in the best interests of investors to reduce the minimum fundraise below £250m, given the "nature of the market opportunity and pipeline". The real estate investment trust managed by former LXi REIT Advisors senior staff had already received commitments from a trio of cornerstone investors ahead of its proposed IPO, including Columbia Threadneedle Investments. With a listing date set for 17 June, the trust was seeking to raise £500m in an initial fundraise, of which between £104m and £119m had al...