Liberty Living is set to acquire the fund’s assets from Brandeaux and to then float the whole company on the London Stock Exchange, creating the largest student accommodation -oriented real estate investment trust.
Brandeaux said the flotation will allow the fund, which was valued at £1.1bn on 30 April 2014, “to create liquidity for its shareholders who want to redeem their investment and provide a structure to facilitate future redemptions”.
The company said it intends to declare a first dividend of 2.3 pence per share for the financial year ending 31 August 2014, reflecting the period from admission to the LSE.
Investors have been trapped in the fund since July last year, when the company took the decision to suspend its entire range citing “liquidity issues”.
In April, it was revealed that Baker Tilly may face claims from investors who were sold the product by advisers working for RSM Tenon, which Baker Tilly later acquired.