27th Sep 2021 15:20
PRS REIT PLC - real estate investment trust focusing on new-build family homes for the private rental market - Plans to raise GBP75 million through placing of 72.8 million shares at a price of 103 pence each, as well as an additional amount raised through shares issued on the PrimaryBid platform.
The shares issued via the placing represents around 15% of the company's issued share capital, and the placing price is the same as the closing price on Friday last week.
Proceeds will go towards the acquisition of several pipeline assets identified by the investment adviser. The pipeline consists of six additional sites, with the potential for 670 new homes with a total estimated rental value of GBP6.5 million per annum.
Singer Capital Markets and Panmure Gordon will act as bookrunners, and alongside directors reserve the right to increase the size of the placing to a maximum of 99.1 million shares.
Current stock price: 104.35 pence
Year-to-date change: up 36%
By Dayo Laniyan; [email protected]
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