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Key Real Estate joins PLUS

By Rebecca Curwin on December 11 2006

Key Real Estate, which specialises in the development of affordable housing, has listed on PLUS Markets. It placed 880,000 shares at 25p each, raising £210,000 and valuing the company at £1.22 million.

The proceeds will be used as working capital to find and research potential acquisitions. Key Real Estate now has 4.88 million shares at 0.01p each in issue.

Director Piers Linney holds 1.45 million shares in the company, equating to a 30 per cent stake. Far Blue, a subsidiary of the investment bank, Tower Gate Capital, also owns £1.45 million shares. Linney is a director of both Far Blue and Tower Gate Capital, owning a 6.7 per cent stake in the latter.

An early stage business, London-based Key Real Estate will focus on affordable home ownership through a private sector shared ownership scheme for key workers, such as teachers and nurses. The target market extends to any household with a comparable income which is unable to purchase a home outright.

Fisher Corporate advised Key Real Estate.

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