This year, it is a different story. As Property Week revealed in February, Horizon and Fundamentum Property have both pursued stock market listings. Fundamentum sought to raise £150m for Fundamentum Supported Housing REIT and Horizon looked to raise £125m for Horizon Housing REIT, but neither managed to get off the ground.

Horizon’s failure is particularly surprising as it had already secured a cornerstone investment from East Riding Pension Fund, which had agreed to sell 511 properties to the company in exchange for £56.2m in shares. So why did the two IPOs fail?