A regional property company chaired by former Land Securities boss Ian Henderson has listed on London's junior market with a market value of £42m.
Circle Property, which was founded by a group of family investors in 2002 and also counts banking heir Jamie Hambro and the Duke of Roxburghe as non-executive directors, owns 16 commercial properties across the country valued at £73.9m.
Since 2006, the group's portfolio has been held by Circle Property Unit Trust (CPUT), a closed-ended, unlisted unit trust.
John Arnold, chief executive, said its launch on Aim was a "significant step forward" for the company, helping it build its reputation as well as tap capital markets to fund the next stage of expansion.
"Not only does it provide greater liquidity for shareholders, it also provides us with greater flexibility with which to successfully grow the business. First and foremost we look forward to signing up to a credit committee-approved facility with RBS which is triggered by this admission," he said.
The company has raised around £1.2m in additional proceeds. It aims to grow its portfolio buy snapping up well located but under managed regional properties before refurbishing them and letting them at higher prices.
Peel Hunt acted as nominated adviser and sole broker to the company.