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Tycoon sells down holding in REIT

Hunter makes £75 million in sale of property stake

Sir Tom HunterSir Tom Hunter’s West Coast Capital has made a £75 million profit after selling most of its stake in a quoted property vehicle.

Secure Income Real Estate Investment Trust raised £280m in a secondary share placing.

It sold 110,735,013 ordinary shares, representing 61.4% of the share capital, at 255p per share. West Coast has retained a 7% stake worth £34m.

Martin Moore, chairman of the group, said: “The success of the placing is testament to the appeal of Secure Income REIT as an investment which offers a progressive dividend to shareholders derived from income generated by a portfolio of high quality real estate assets let on long leases, and managed by a fully aligned manager in Prestbury.

“Following the successful placing, we expect our broader base of institutional shareholders will provide improved flexibility as we begin to put into action the board’s ambitious plans for growth by targeting significant value accretive acquisition opportunities.”

Among those behind the REIT is Nick Leslau, a long-time investment partner of Hunter who said: “Nick and the team have done a terrific job and that’s why we are leaving a substantial portion of our investment in for the long-term.”

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