UK property firm Regional REIT has announced plans to raise £100 (€113 mln) of capital in a share issue aimed at funding new acquisitions.
The capital raising consists of a firm placing for new institutional shareholders for up to £50 mln, and a placing and open offer for existing shareholders for up to £50 mln. The nearly 100 million shares in total are being issued at a price of 101 pence a share.
Regional REIT said that the operation will enable it to acquire two separate portfolios, Portfolio One consisting of three office properties in Woking, Cheshunt and Edinburgh from NW UK III, and Portfolio Two comprising 17 office properties from Archimedes Real Estate.
The company has already arranged a financing facility for the first portfolio, and may also arrange financing for the second acquisition, depending on the amount of money raised. The company, which focuses on regional office and industrial assets, said it may also use the proceeds to partially fund another pipeline opportunity which is in advanced discussions.
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7 December 2017
Outlook 2018: Europe & UK Investment Briefing
Taylor Wessing UK, 5 New Street Square, London
| 08:00 - 10:30
Panel: Jos Short (Internos), Michael Walton (Rynda), Michael Neal (TH Real Estate), James Raynor (Grosvenor Fund Management), Simon Martin (Tristan Capital Partners), William Matthews (Knight Frank) and Mark Rajbenbach (Taylor Wessing)
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