London Stock Exchange welcomes One Heritage Group plc to the main market
London Stock Exchange welcomes One Heritage Group PLC (“One Heritage”) to trading on the Main Market by the way of a standard listing. The Group undertakes developments to create self-contained apartments while also refurbishing existing residential properties to create Co-living accommodation. It listed on 23 December 2020 having successfully raised £930,000 through a subscription and placement, giving it a market capitalisation of £3.0 million on admission.
The funds raised will be used to progress three key sites that the Group already owns; Chester Road, a new development that will create 27 apartments in central Manchester and due to be completed by the end of 2021; Churchgate, a site in central Leicester and a short walk from the central clocktower, which will include 17 self-contained apartments and 2 retail units which will complete at the beginning of 2022; and, Lincoln House, the redevelopment of a commercial building in Bolton into 88 self-contained apartments which will complete at the beginning of 2022.
The Group will be involved in the full life-cycle of a property development, which includes:
• the acquisition of land or existing property;
• obtaining any required revisions to existing planning permission;
• undertaking development or refurbishment to deliver a high-quality living space;
• disposal of developed or refurbished property to investors; and
• provision of Lettings and Property and Facilities Management services to those investors and to other owners of Self-contained apartments or Co-living accommodation.
The Group has built an excellent management team that marries innovation and pragmatism with an exceptional non-executive Board that bring broad industrial experience. The Group is ideally placed to not only take advantage of the existing market conditions but also be agile enough to adapt with changes in the near term, as the world comes through the pandemic.
Jason Upton, Chief Executive Officer, commented “We are excited to bring One Heritage to the market. We were oversubscribed from a wide range of investors, which represents a real vote of confidence in the potential for the business.
We are excited to be one of the first publicly listed residential developers that also focuses on Co-Living, a growing sector with real promise. We see the North West as being a continued centre of growth in the UK in the coming years as the Government invests in levelling up the regions and continues to invest in infrastructure.
We believe that we can create a lot of value in the residential market and are excited to part of the solution to tackling the UK’s shortage of quality accommodation.”