Special Opportunities Reit (SOR) has secured major ‘cornerstone’ investors in TR Property (TRY) and Spanish banking multi-millionaire Ram Bhavnani, who has put his faith in the UK property market and the former LXI Reit team once again.
In a prospectus for the initial public offering (IPO) on 11 June, the new real estate investment trust (Reit) said it had received commitments from three ‘cornerstone investors’. These include TR Property, which is the £1bn stocks and direct property trust run by Columbia Threadneedle’s Marcus Phayre-Mudge, and ‘other Columbia Threadneedle investments funds’ that have not been disclosed.
Columbia Threadneedle is joined by US credit investor GoldenTree Asset Management and the Bhavnani family office, linked to Ram Bhavnani, whose family made $1.2bn from the sale of its stake in Bankinter in 2007.