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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mill Res | LSE:MRR | London | Ordinary Share | GB00BTDY6Q96 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 81.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Mill Residential REIT plc ("The Company" or "The Group") Admission to trading on AIM and first day of dealings Stock Ticker: MRR Highlights * Mill Residential REIT becomes the UK's first ever mainstream, buy-to-let REIT specialising in residential property on admission to AIM * The Company's successful stock market listing today provides the first way for investors to hold residential property in their ISAs, SIPPs, and other long term savings * The Company has raised gross proceeds of £987,500 via a placing, giving the Group a market capitalisation of £3.5m * The placing follows a successful fundraising via crowd funding site SyndicateRoom and a subscription into the Company direct on 17 December 2014 which raised £1.5m * Proven management team with extensive track record in residential real estate will seek to execute a growth strategy that aims to generate increases in net asset value per share for investors * Company intends to pay dividends on a semi-annual basis, targeting an average annualised dividend yield of three per cent. Mill Residential REIT plc, the UK's first ever mainstream, buy-to-let REIT specialising in residential property investment, is pleased to announce that its entire issued ordinary share capital, which comprises 3,502,020 ordinary shares of 10 pence each, has today been admitted to trading on AIM, a market operated by the London Stock Exchange ("AIM"), under the ticker "MRR". The ordinary shares of the Company were recently allotted at 100 pence per share. The Company intends to grow rapidly and will seek to generate growth in net asset value per share for investors through a combination of growth in asset values, buying at attractive prices, and using REIT tax benefits. Mill Residential REIT's initial portfolio comprises seven buy-to-let properties located in high demand commuter locations in London and Southern England and the Group's strategy is to create a low risk, sustainable and diversified portfolio of residential rental properties within desirable areas of the UK with the long term vision of becoming a consolidator in the growing private rented sector. Mill Residential REIT will be advised on property acquisitions, disposals and asset management by subsidiaries of Mill Group Holdings, an established UK property real estate fund, asset and investment management group. Mill Finance will act as the investment adviser to the Company and Mill Residential REIT Management will act as asset manager. The Mill Team comprises an experienced team of property and finance professionals and is led by David Toplas and Simon Phillips, who each have over 20 years' experience in the UK real estate sector. The Mill Residential REIT board will be chaired by Ian Ellis, former Chief Executive of Land Securities Trillium Limited and a main board director of Land Securities Group plc. Mill Group Residential Chief Executive, David Toplas said: "We are delighted to have successfully joined AIM as the UK's first ever residential REIT focused on the mainstream, residential property market and are looking forward to delivering our growth strategy. I firmly believe that the Company will be an attractive way for people to invest their pension savings in a familiar asset class of "buy-to-let" property, via a hassle-free format of a tax efficient REIT company share. This sector has regularly out-performed all other real estate asset classes over the last 30 years on a total returns basis and look forward to the future." Mill Residential REIT Chairman Ian Ellis said: "The housing shortage facing the UK is well known and, with the young professionals and families of `Generation Rent' struggling to obtain traditional mortgages, long term renting has become an alternative to home ownership. Despite this, the private rented sector remains dominated by individual buy-to-let landlords so I am very excited about the potential for the Mill Residential REIT to play a long term role in helping to consolidate what is a highly fragmented market place." The company's Admission Document is available to view at www.millresidentialreit.co.uk -ENDS- For further information please contact: Mill Residential REIT plc David Toplas/Simon Phillips 020 7930 8600 Nominated Adviser and Broker Virginia Bull/Andrew Wagstaff 020 7628 2200 Sanlam Securities UK Max Bascombe Financial PR MHP Communications James White 020 3128 8100 Positive Profile Henry Gewanter 07774 228845 Placing Statistics Placing Price per Ordinary Share 100p Number of Ordinary Shares in issue following Admission 3,502,020 Percentage of issued Share Capital represented by the Placing Shares 28.2% Market capitalisation of the Company at the Placing Price following Admission £3.5m AIM "ticker" MRR About Mill Group Residential Mill Group Residential is an independent specialist residential investment manager with a successful track record of more than 20 years. The group's focus is on long-term income generation through targeted asset acquisition and active management in the residential sector. The private rented sector is a key strategic planned area of growth for the group. Since 1994, Mill Group has demonstrated its expertise in conceiving, building and operating social infrastructure and residential property funds. The team has managed £2.5bn of assets, including £1bn of residential property across a number of successful platforms. What is a UK-REIT? In brief, a UK real estate investment trust (REIT) is a company that owns, and in most cases, manages income-producing real estate. Modelled after mutual funds, REITs provide investors of all types stable income streams, diversification and long-term capital appreciation. Rental income of the REIT will, in most cases, be exempt from UK taxation. REITs are required to pay out 90% of their calculated net exempt income as a special type of dividend (known as a property income distribution or PID) to shareholders. In turn, shareholders will be subject to tax on those dividends (unless falling within certain exemptions such as registered pension schemes or charities). REITs allow anyone to invest in portfolios of properties the same way they invest in other industries i.e. through the purchase of shares in the REIT. In the same way shareholders benefit by owning shares in other corporations, the shareholders of a REIT earn a share of the income produced through real estate investment without actually having to go out and buy or finance property. PIDs are therefore subject to taxation as if they are a separate property income stream. REITs also have the advantage of being exempt from corporation tax on most property capital gains, which brings various benefits such as having a competitive advantage on corporate acquisitions. This benefit can potentially be shared with the vendor to increase their post-tax proceeds and reduce the REITs purchase price. In the UK, REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centres and hotels. Mill Residential REIT would be the first REIT focused solely on the mainstream, UK residential property market.
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