13th Mar 2015 09:03
LONDON (Alliance News) - Empiric Student Property PLC on Friday said it has raised more than expected in its share placing in the UK and its US private placement.
Empiric said it has raised gross proceeds from the fundraising of GBP85 million, ahead of the target size of GBP75 million.
It will issue 82.9 million shares at 102.5 pence per share, with 59.6 million to be issued under the placing and 23.3 million to be issued under a US private placement offer.
Shares in Empiric were down 1.0% to 103.00 pence on Friday.
The offer was handled by Jefferies International Ltd.
The proceeds will be used to make further investments in student accommodation sites.
"We continue to receive support in our growth ambitions from both existing shareholders and new investors. We have a substantial pipeline of operational premium student accommodation assets and development opportunities into which we expect to be able to deploy the net proceeds of the issue in the near term," said Paul Hadaway, Chief Executive of Empiric Student Property.
By Sam Unsted; [email protected]; @SamUAtAlliance
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