17th Mar 2016 10:45
LONDON (Alliance News) - Student accommodation provider Empiric Student Property PLC on Thursday said it has raised GBP125.0 million through its placing, open offer and subscription.
The company said investor demand for the issue had exceeded expected demand, prompting Empiric to increase the size of the fundraise to GBP125.0 million from an initial target of 90.0 million.
Empiric will issue a total of 116.3 million shares at 107.5 pence per share, with 37.9 million issued under the open offer, 9.6 million under the subscription and 68.8 million under the placing. Shares in Empiric were down 1.1% to 108.00p.
The proceeds will be used to invest in the firm's pipeline of student accommodation developments in the UK.
By Sam Unsted; [email protected]; @SamUAtAlliance
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