26th Mar 2014 12:48
LONDON (Alliance News) - Custodian REIT PLC Wednesday became the latest real estate investment trust to list in London, as it raised gross proceeds of GBP55 million that it will use to invest in a portfolio of commercial real estate opportunities
In a statement, the company said its initial public offering was oversubscribed. A total of just under 132 million shares were allotted at a price of 100 pence a share, giving it an initial market capitalisation of nearly GBP132 million.
Its shares were trading at 105 pence Wednesday afternoon.
"The target portfolio will be a UK commercial property portfolio characterised by small lot sizes with individual property values of less than GBP7.5 million at acquisition," it said in a statement.
In a separate statement, Mattioli Woods PLC, which said its Custodian Capital Ltd subsidiary has been appointed the discretionary investment manager of Custodian REIT, said the real estate investment trust has acquired an initial portfolio of 48 properties valued at over GBP95 million.
By Steve McGrath; [email protected]; @SteveMcGrath1
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