Home / News / Nabarro advises Oriel Securities on IPO for £1.5bn...

Nabarro advises Oriel Securities on IPO for £1.5bn Prestbury REIT

30 June 2014

This article was produced by Nabarro LLP, which joined CMS on 1 May 2017.

Nabarro has advised Oriel Securities, a long-standing client of the firm, on the IPO of Secure Income REIT plc (Secure Income), a newly created real estate investment trust comprising well known attractions such as Madame Tussauds and Warwick Castle. Oriel Securities acted as the broker and adviser in relation to the admission to and placing of Secure Income on the London Stock Exchange’s AIM market.

Secure Income, which will be advised by Prestbury Investments, owns a freehold portfolio of 28 well-established, operating real estate assets independently valued at about £1.46 billion (as of 30th April 2014). The portfolio includes some of the UK’s top visitor attractions and theme parks such as Madame Tussauds in London, Alton Towers theme park and hotel, Thorpe Park and Warwick Castle, as well as 21 private hospitals.

The Nabarro team was led by Corporate partner Iain Newman, assisted by senior associate Rizwan Rahman with real estate input from partner Michael Logan and senior associate Neil Dryer and regulatory input from partner Adrian Brown and senior Associate Sam Robinson.

Iain Newman, Corporate partner at Nabarro commented:

“Nabarro has a tremendous track record of advising on the establishment of REITs and it was a pleasure working on such a high profile IPO with Oriel Securities. Secure Income REIT’s £1.46 billion portfolio of high-quality assets offers many opportunities and combined with excellent tenants, is tipped to become the UK’s leading REIT specialising in long-term index-linked rental income."

Berwin Leighton Paisner and Taylor Wessing acted for Secure Income.