BECOMING A UK-REIT 27
ASSEMBLE A STRONG, EXPERIENCED TEAMOF ADVISORS AND BROKERS TO MANAGE AND ADVISE ONTHE PROCESS Consideration should be given to which advisors are best placed to act for the UK-REIT. Advisors include: X Sponsor/Nominated Advisor judges whether the company is appropriate for the market and manages the listing process X Broker will be responsible for any fundraising at flotation and ensuring a successful aftermarket in the company’s shares X Reporting Accountant will carry out financial due diligence on the company. An auditor will be required once listed X Tax advisor to advise in relation to REIT eligibility and the most appropriate corporate structure for the business X Lawyers oversee issues such as legal due diligence on behalf of the Sponsor/ Nominated Advisor and verification of the statements made in the Prospectus/ Admission Document X PR will assist in positioning and marketing the business in advance of the fundraising road show and thereafter X Investment Manager/Administrator/ Company Secretary/Asset Manager may be involved where the day-to-day operations of a REIT are outsourced. This should be clarified ahead of listing, with agreements put in place.
ASSESS MARKET APPETITE AND THE ANTICIPATED TIMINGOF THE IPO The precise timing of an IPO depends on a number of factors, including: X Market volatility and investor appetite for new issues X Investor appetite for the REIT's specific investment strategy and asset class X Avoiding major competing new issues X Availability of surplus funds for investment - investors may have pre-allocated funds for rights issues X Macroeconomic and political matters X Age of latest audited financial statements and related stock exchange requirements (if an existing business). Brokers or the Sponsor/Nominated Advisor will be able to advise on the optimal timing.
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