K&C REIT IPO: London house fund set to list

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K&C REIT hopes to raise £6m at first, to buy a special purpose vehicle (Source: Getty)

A group of City veterans is looking to raise £6m on the Alternative Investment Market (Aim) to kick start a fund which will invest in the central London property market. The K&C REIT (real estate investment trust) issues its intention to float document today, notifying investors of its plans. It hopes to raise £6m at first, to buy a special purpose vehicle. It then aims to make another acquisition within three to six months, and then build up a portfolio of central London homes worth more than £500m. Its chief executive is experienced property investor Timothy James, and the firm is chaired by Nigel Payne who also has non-executive roles at a range of manufacturing and services firms.