7th Oct 2014 16:55
LONDON (Alliance News) - Hibernia REIT PLC Tuesday said it will raise around EUR300 million in gross proceeds via a share placing and open offer, in order to fund further property investments.
The real estate investment trust said it will raise the funds by issuing 285.3 million shares at a price of EUR1.05 per share.
It said it will raised around EUR75 million via a firm placing of 213.9 million shares, and around EUR225 million via a placing and open offer.
The company said it will use the proceeds to fund further property investments, both new acquisitions and capital expenditure on its current portfolio.
"The management team is continuing to see significant investment opportunities, both in relation to potential acquisitions and developments, redevelopments and refurbishments within the existing portfolio and this capital raise is intended to raise the funds to capitalise on these opportunities and deliver attractive returns for shareholders," said Chairman Danny Kitchen in a statement.
The company said that Credit Suisse Securities (Europe) Ltd and Goodbody Stockbrokers are acting as joint bookrunners for the placing.
Hibernia REIT shares closed 1.5% lower Tuesday at EUR1.13 per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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