Equable Properties will float on AIM tomorrow morning and will make its first acquisition on the same day.
The company, which has designs to build up a sizeable portfolio of commercial properties, is expected to raise 1.56m.
Equable, headed by property entrepreneur and former amateur boxer Desmond Bloom, will also purchase 10 UK pubs tomorrow.
The estate agency Knight Frank has valued the properties at £5.7m and the portfolio will provide an initial yield of 8%.
Bloom began his career in real estate in London during the early 1970s buying a one bedroom flat which he sold on for a profit before progressing up the property ladder.
By the end of the decade, after taking advantage of the influx of Middle Eastern investors coming to the capital, Bloom was a millionaire.
He went on to become chairman and managing director of Dwyer Plc and Premier Land Plc, both of which were listed on the London Stock Exchange.
Tomorrow’s float marks a return for Bloom to the stock market after an absence of four years.
He was chairman and managing director of Dwyer, which was listed on the Dublin and London stock exchanges. Under his directorship, the shares rocketed from 6p to 405p.
Desmond Bloom, chief executive, said: “I am strongly of the opinion that commercial properties will continue to enjoy capital appreciation as a result of rental growth in a buoyant UK economy.
“For this reason, we are delighted to offer investors a platform, in the form of Equable Properties, to participate in what I intend to be a diverse and solid UK portfolio with the possible additional upside of potential exceptional returns from the developing economies of Eastern Europe.”
Nabarro Wells is acting as nominated adviser to the company, its broker is S.P Angel.
© Crimson Business Ltd. 2007
