The development firm building a 55-storey skyscraper in Salford has been listed on the main market of the London Stock Exchange.
One Heritage Group is currently constructing One Heritage Tower in Greengate, Salford, and said its entire issued ordinary share capital has been admitted to the market under the ticker ‘OHG’.
One Heritage said it has successfully raised £930,000 before expenses via a combination of a subscription and a placing with Hybridan of a total 9.3m new ordinary shares with investors at a price of 10p per ordinary share.
One Heritage’s market capitalisation at the Placing Price on admission will be £3m.
Jason Upton, CEO, told BusinessLive: “There are few UK residential property development companies listed on the stock exchange, even fewer with a head office in the North West so we feel this is a significant achievement for the business and testament to the ongoing growth in the North West property market in particular.”
In the listing revealed on Wednesday, it said the group’s activities are all undertaken in the UK – but that properties are sold on the open market – primarily to investors through the group’s marketing network in Hong Kong.
The firm said it deploys a design approach and service levels “attractive to younger socially mobile professionals and those seeking more flexible living arrangements”.
Its initial geographical focus will be in the North West – Manchester in particular – due to the forecast that it will be one of the UK’s strongest performing cities over the coming years.
Over the next three years, the company also intends to expand its activities to other locations throughout the UK “that demonstrate similar characteristics” such as in Yorkshire, and the East and West Midlands.
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Mr Upton’s official comment to the markets said: “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.”