FINANCE NEWS: Provider of ethical property to launch £4m share issue

The Ethical Property Company is to launch a share issue in September aimed at funding a network of shared offices for charities and campaigning organisations.

The company hopes to raise £4 million to develop four "action centres

in London, Brighton and Manchester, which will house around 40 organisations.

Tenants will pay a "sustainable

rent and investors will get a return based on the performance of the company.

The Ethical Property Company already provides accommodation for around 70 organisations, including Oxfam, the Big Issue South West and Tree Aid, following an initial share issue in 1999 which raised £1.7 million.

But the new developments will be larger and more expensive, according to managing director Jamie Hartzell. Tenants will also benefit from an IT service to all organisations in the centres.

The share issue will be sponsored by charity specialist and not-for-profit bank Triodos.

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