8th Oct 2015 07:00
LONDON (Alliance News) - Empiric Student Property PLC on Thursday revealed an institutional placing and offer for subscription of new shares at 106.5 pence each.
"The issue will comprise the final tranche of the share issuance programme, under which approximately 81.15 million shares remain available for issue," Empiric Student Property said in a statement.
The student accommodation investor said it has a "very strong" pipeline in place, describing it as a mix of operating properties and properties under development across a number of locations in the UK.
"Accordingly, the company expects to commit the net proceeds of the Issue, at the latest, by the end of the first quarter of 2016," Empiric Student Property said.
The real estate investment trust declared a first interim dividend for the financial year ending June 30, 2016 of 1.5 pence per share for the quarter to the end of September. It confirmed an annual dividend target of 6 pence per share for the current financial year.
By Samuel Agini; [email protected]; @samuelagini
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