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L1 Capital targets non-London middle-income property

Australia-based employee owned fund manager L1 capital has about $4 billion in assets under management and a foothold in the UK, where the firm is planning a listing on the London Stock Exchange to raise capital to scale up its residential investment strategy.

“The objective is to raise up to £150 million pounds on a premium listing,” said chief investment officer Kee Gan.

The company was founded in 2007 and in 2017 began investing in blocks of apartments in the tier-1 cities outside London, particularly targeting the middle-income markets where affordability is key.

“What we really liked about this strategy was we’re able to invest in day-one income generating assets which have historically provided a very stable and non-cyclical income which supports an attractive dividend yield,” Gan told Real Asset Insight’s Richard Betts.

“The residential property strategy for us is very much around scale,” he said. “We’ve seen a very large pipeline to support the growth in scale and the listed markets provide us the flexibility to do that.”

Click on the video above to watch the full interview or listen to the podcast below.