2nd Oct 2014 17:06
LONDON (Alliance News) - Kennedy Wilson Europe Real Estate PLC Thursday announced a proposed firm placing and placing and open offer of around 35 million new shares, representing around 35% of its issued share capital, to fund future investments.
The fund said that the placing and open offer is being conducted through an accelerated bookbuilding process that is expected to close on or around Friday.
Deutsche Bank and Bank of America Merrill Lynch are acting as joint global co-ordinators and bookrunners, and J.P Morgan Cazenove and Davy are acting as joint bookrunners in each case in relation to the issue.
This will comprise of around 10 million new shares to be issued through the firm placing, and 25 million shares to be issued through the placing and open offer. The price of the shares and the exact number of shares issued will be determined following the bookbuild.
Shares in the fund closed down 1.9% at 1,059.00 pence Thursday.
Kennedy Wilson plans to use the proceeds to fund its future investments in real estate assets and real estate loans in accordance with its investment policy.
The company said that since its initial public offering in February it has deployed all of its GBP1 billion of IPO proceeds into its target markets, demonstrating its "ability to act quickly to identify and acquire highly attractive assets."
"Today's secondary fundraising is testament to ongoing support from our investors for our strategy whilst allowing us to build on the momentum we have achieved to date as we continue to grow our portfolio across the Company's target markets," Chair Charlotte Valeur said in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Kennedy Wilson Europe Real Estate