3rd Oct 2014 10:10
LONDON (Alliance News) - Kennedy Wilson Europe Real Estate PLC Friday set the price of the 35.0 million new shares it is issuing at 1,006 pence per share, raising about GBP350.0 million.
The company had Thursday revealed the share issuance, which makes up 35% of its existing shares in issue, as a means to fund future investments in real estate assets and real estate loans.
About 10.0 million new shares have already been placed with institutional investors under the firm placing. The company is proposing to issue the remaining 25.0 million shares under an open offer. Qualifying shareholders will be able to apply for the shares on a basis of 0.249 of a new share for every one existing ordinary share.
The company has deployed all of the proceeds it raised in its February initial public offering.
"The success of today's firm placing is recognition of shareholders' confidence in the experience and strengths of the Kennedy Wilson team and the significant progress they have made to date in investing the initial proceeds of the IPO," Chair Charlotte Valeur said in a statement.
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.
Kennedy Wilson Europe Real Estate shares were Friday quoted down 2.9% at 1,028.00p.
By Samuel Agini; [email protected]; @samuelagini
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