Oakmount & Partners Ltd managing director Glenn King talked with Proactive about the company’s major developments, including the launch of its first listed bond. The issuance, valued at $350 million, is priced in US dollars and dedicated to the UK property market. King said, “We’ve got the issuance of our first listed bond... solely for the property market.”
King detailed a four-pronged property strategy: social housing backed by government subsidies, traditional buy-refurbish-refinance projects, commercial-to-residential conversions, and ground-up developments. A recently signed joint venture will also expand Oakmount’s footprint in the park home sector within the UK.
He highlighted the government support behind the social housing focus and partnerships with operators overseeing around 4,000 homes. A second bond of $500 million may follow, potentially scaling up to $1 billion based on performance.
King also provided updates on InterGroup Mining, noting its shift from TSX to Nasdaq for a faster route to listing. The company is nearing full production and debt clearance.
Oakmount’s own PLC status and listing plans are progressing, aiming for late 2025 or early 2026. International expansion is underway, with Dubai office setup imminent and Singapore in the pipeline.
Proactive: Glenn, great to speak with you again. Since we last chatted, there's been a few developments at the company, including the issuance of your first listed bond.
Glenn King: Correct, yes. Good to speak to you again, Stephen. So, in the natural depths of our business, we're growing in scale quite significantly. We have been for the last 18 to 24 months. Part of that scale is expanding our fixed income arm. We've now got the issuance of our first listed bond, valued at $350 million, priced in US dollars.
Glenn King: That bond is solely for the property market. Our portfolio has a four-pronged approach: social housing with government subsidies, traditional buy-refurbish-refinance deals, acquisition of commercial properties to convert to residential, and development of mid-market and luxury properties. We’ve also just signed a JV for park homes in the UK. It's a strong fixed income vehicle for our current and future clients.
Proactive: And with that social housing focus, you must have government support behind you as well?
Glenn King: Correct. Absolutely. Due to the national shortage in the UK property market, we're going to great lengths to acquire properties and help house people. Our JV partner in the Midlands manages around 4,000 homes. We'll continue acquiring bricks and mortar to scale value long-term. Government subsidies underpin all of this.
Proactive: How does this complement your strategic partnership with T3 Life announced last October?
Glenn King: T3 has its own portfolio and is based in Ireland. This is a separate, standalone project with our new JV partners in social housing. This is the first tranche of listed bonds. If successful, a second bond could follow at $500 million, potentially scaling to $1 billion.
Proactive: Last time, you mentioned acquiring an independent consultancy. How is that progressing?
Glenn King: Very good. Everything was signed and effective from March 1st. We lacked a strong sales arm before, but this acquisition changed that. With our bond initiatives, it was essential to have our own sales force. Everything's off to a buoyant start.
Proactive: Any updates on InterGroup Mining? Are they still planning to list on the TSX?
Glenn King: Not TSX—now it's Nasdaq. That change came recently. The Nasdaq route was quicker. A recent update notified the market of this move, with an expected 90-day listing timeframe. InterGroup has cleared its debt and is preparing for full production. They're targeting a million tons of ore per year with strong profit margins.
Proactive: How about your own listing ambitions?
Glenn King: That’s still progressing. We’re nearing PLC status and have already started listing discussions. Ideally, we’d list in Q3 or Q4 2025, but 2026 is fine too. It just strengthens our brand.
Proactive: You're about to open your first office in Dubai. Is Singapore still on track?
Glenn King: Dubai is moving forward. I’ll be there in the coming weeks, looking at properties for our international sales arm. Singapore will follow late 2025 or Q1 2026. The Middle East and Asia are key focus areas, and Saudi is under consideration too.
Proactive: It sounds like you have a lot on the go. I hope you'll continue to keep us updated on your progress.