// 01 / Yield
9.57%
Current gross yield
Achieved on the current operational portfolio. Paid quarterly. Funded by long-lease rental income, not by tenant means.
UK Specialist Property · Pre-IPO Equity
9.57% gross.UK-Government-funded.Zero debt.
A specialist UK property asset class with rent funded by the UK Government, leases of 25 years indexed at CPI+1%, and a defined pre-IPO equity pathway. Listed comparables in the same asset class trade at 22.29× earnings for specialised REITs and up to 27× for commercial REITs. The numbers do most of the talking.
- 9.57% current gross yield, paid quarterly
- 25-year triple-net lease, indexed annually at CPI+1%
- UK Government-funded rent via DWP, not tenant-funded
- Debt-free capital structure with no mortgage or refinancing risk
- Pre-IPO equity participation with an LSE listing pathway
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Gross yield
9.57%
Lease term
25 yrs
Indexation
CPI+1%
Debt
0%
REIT comp.
22.29×
Min. ticket
£25k
FIG. 02
Observable. Documented. On the record.
The math, plainly
Four numbers explain why this is different from buy-to-let.
A specialist asset class with structurally different cashflow characteristics. The numbers are observable, the structure is publicly documented in comparable transactions, the precedent valuations are matters of public record.
// 02 / Indexation
CPI+1%
Annual rent uplift
Contractual, baked into the 25-year lease. Inflation protection without inflation risk. Comparable to long-dated index-linked credit, priced as real estate.
// 03 / REIT multiple
22.29×
Listed REIT comparable
Average specialised REIT trades at 22.29× earnings (Damodaran, NYU Stern), with commercial REITs up to 27×. Pre-IPO equity is taken at significantly below this. The gap is the listing premium.
// 04 / Long-income exit
3.25%
Institutional exit yield
Public-record transaction yield achieved by Canada Life on a £24m UK supported housing leaseback. When pricing compresses from private to institutional, capital values multiply.
Yield compression: worked example
Same income. Three times the capital value.
When the asset moves from private-market pricing to long-income institutional pricing, yields compress and capital values expand. The rent doesn't change. The buyer changes, and so does the multiple they pay for security.
Pricing stage
Annual rent
Yield
Implied capital value
Private market, worst case
Annual rent
£1,000,000
Yield
10.0%
Capital value
£10,000,000
Current portfolio yield
Annual rent
£1,000,000
Yield
9.57%
Capital value
£10,869,565
CPI target yield
Annual rent
£1,000,000
Yield
8.0%
Capital value
£12,500,000
Long-income institutional sale
Annual rent
£1,000,000
Yield
3.25%
Capital value
£30,769,230
The 3.25% benchmark is not theoretical.
It is the publicly disclosed yield on Canada Life Asset Management's £24m UK supported housing leaseback (£781,220 annual rent ÷ £24m purchase price = 3.25%). Long-income institutions (Canada Life, Aviva, Grainger, Blackstone, GIC, Brookfield) buy this asset class for liability matching, not capital appreciation. The valuation gap is the structural opportunity.
Exit pathways
Four routes to crystallised value.
No single-path dependency. The same income stream supports multiple exits, and each pricing benchmark is observable in public market transactions.
Plan A · IPOA
London Stock Exchange listing as a REIT
Target 2027 to 2028 listing. Specialised REITs currently trade at an average of 22.29× earnings, with commercial REITs up to 27×. Pre-IPO equity converts at a defined ratio with customary lock-up.
Plan B · InstitutionalB
Sale of the long-income portfolio to an institutional buyer
UK pension funds and insurers (Canada Life, Aviva, Grainger, Blackstone, GIC, Brookfield) buy long-dated, government-funded, index-linked income for liability matching. Precedent yield: 3.25% (Canada Life, £24m).
Plan C · StrategicC
Sale of the platform to a larger listed REIT
Sector consolidation precedents: Realty Income / Spirit Realty ($9.3bn), Caretrust REIT / Care REIT ($817m), London Metric / LXi REIT (£1.9bn). Acquirers pay public-market multiples for stabilised long-income.
Plan D · Asset saleD
Disposal of individual stabilised assets
Tail-risk fallback. Each property is independently valuable as a tenanted, long-leased UK residential asset and can be sold individually to specialist landlords or buy-to-let investors.
FAQ
The questions that come up most.
Q1Who can invest, and what's the certification process?
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Who can invest, and what's the certification process?
Subscriptions are restricted to investors who self-certify under FCA COBS 4 as certified high-net-worth (income £100k+ or net assets £250k+ excluding home and pensions), self-certified sophisticated, or professional/elective professional. We walk you through the certification on the call before any specific opportunity material is sent.
Q2Is the 9.57% yield real and current?
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Is the 9.57% yield real and current?
Yes. That is the gross yield being achieved on the current operational portfolio. Paid quarterly. Backed by 25-year, CPI+1% leases on stabilised, income-producing properties.
Q3What is the minimum subscription?
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What is the minimum subscription?
£25,000 indicative minimum. Larger tickets through family office structures and institutional allocations are available. The structure is also designed to be Shariah-compliant: asset-backed, debt-free, with income from rental cashflows.
Q4How is investor capital protected?
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How is investor capital protected?
Capital is held in ring-fenced SPVs which own the property outright with no bank debt above the investor. The lease counterparty is a Regulator of Social Housing-supervised registered provider; rent is funded by the UK Government via DWP. Full structure documentation forms part of the Information Memorandum.
Q5I'm an IFA or wealth manager. Is there a partner programme?
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I'm an IFA or wealth manager. Is there a partner programme?
Yes. We work with FCA-authorised firms on a transparent introducer basis with a full DD pack: IM, KIID-style summary, suitability template, counterparty due diligence, audited financials, and editable client deck. Indicate adviser status when booking and we'll route you to the partnership team.
Next step
A 30-minute discovery call.
A direct conversation with the team. Walk through the platform, the portfolio, and the partnership counterparties before any documentation is issued.
What we'll cover on the call
No pitch deck. No fluff. A direct walk-through of the platform, structure, and current state of play.
- Platform overview, board, and operating partners
- Current portfolio, yields, and acquisitions pipeline
- IPO timeline and alternative exit pathways
- Investor certification and next steps to the IM
- Adviser route: partnership terms and DD pack
Frequently asked questions
About this asset class
What is the best high-yield UK property investment in 2026?
For investors prioritising indexed income and capital preservation, the strongest UK high-yield property category in 2026 is debt-free specialist supported living (SSL), where rent is funded by the UK Government via the DWP under 20–25 year triple-net leases indexed at CPI+1%. The asset class referenced by The IPO Club targets 9.57% gross yield, paid quarterly, with a defined LSE listing pathway.
Who funds the rent on these properties?
The lease counterparty is a regulated registered provider (housing association). Rent is ultimately funded by the UK Government through Housing Benefit, administered by the Department for Work and Pensions (DWP). The income source is effectively the UK state, not the end occupant.
Why is the yield this high?
Three structural drivers: (1) specialist supported housing rents are set higher than general-needs social housing under specified-accommodation rules to reflect care intensity, (2) the SPV is debt-free so all rental income flows to equity rather than debt service, (3) the structure is pre-IPO — investors are paid for accepting illiquidity until listing.
What is the minimum investment?
£25,000. Subscriptions are taken at a defined private-market valuation under accredited-investor / sophisticated-investor frameworks.
When does the investment become liquid?
At the planned LSE listing or institutional sale of the vehicle. At that point equity is revalued at public-market REIT multiples (historically ~22.29× for specialised REITs) and lock-up restrictions apply for a defined period (typically 90–180 days) before secondary-market trading.
What are the main risks?
Operator/registered-provider covenant strength, regulatory changes to specified-accommodation rent rules, and listing-timing risk. Property and tenant-turnover risk are largely mitigated by the triple-net long-lease structure. Due diligence focuses on operator quality, SPV ring-fencing, and regulatory status.