Amiri Capital Targets £1bn Portfolio

Posted by Richard Ward in ,

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Amiri Capital is looking to float a UK student accommodation REIT early next year with plans to accumulate a £1 billion portfolio.

The London based company has invested £1.5 bn over the past seven years and has indicated the initial equity raised would be over £100 million.

The company has suggested it has already identified a pipeline of acquisition opportunities and is "in detailed discussions with a number of investors."

The REIT will focus primarily on larger regional assets acquired by Empiric Student Property and the larger sized London-based assets of GCP.

Co-founder of Amiri Capital, Richard Ellis, said: "We see particular opportunities in prime university cities outside London and have already seen strong investor interest in our proposed REIT structure."

Bindesh Shah, one of the firm's partners, will help provider senior executive leadership, while Stuart Jarvis, a sector specialist, will lead the investment team.

The REIT will be looking to achieve a dividend yield of 4% from the outset, increasing to 7% and an annualised return of 11%.

Amiri Capital said the student sector would benefit from investor demand for defensive strategies since the EU referendum and yields remain relatively high compared to other sectors.