5th Nov 2015 10:48
LONDON (Alliance News) - Property investor Custodian REIT PLC on Thursday said it is proposing to raise up to GBP75.0 million through a share placing, open offer and subscription.
The company will issue 72.0 million shares at 104.2 pence per share, meaning it could raise up to GBP75.0 million from the issue, though its initial target is to raise GBP50.0 million. Shares in Custodian REIT were down 2.5% to 106.5 pence on Thursday.
The funds will be used to back the group's acquisition plans. It said the current dynamics in the property market are supportive of its strategy of targeting high income returns though delivering income from smaller properties across regional markets.
By Sam Unsted; [email protected]; @SamUAtAlliance
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