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

Nabarro has advised Oriel Securities, a long-standing client of the firm, on the initial public offering (IPO) of Secure Income REIT, a newly created real-estate investment trust (REIT) 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 operating real-estate assets independently valued at about £1.46bn (as of 30 April 2014). The portfolio includes 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.

Berwin Leighton Paisner and Taylor Wessing acted for Secure Income.