21st Oct 2014 07:24
LONDON (Alliance News) - Kennedy Wilson Europe Real Estate PLC said Tuesday that it has raised GBP351.5 million through a placing of around 10.0 million shares and 25.0 million open offer shares at 1,006 pence each.
The fund said it had received valid acceptances under the open offer for around 19.0 million shares, around 76% of the open offer shares available. The remaining open offer shares were taken up pursuant to the placing, Kennedy Wilson said.
"This successful offering represents a further milestone for the company. We now look forward to capitalising on market conditions and our extensive pipeline of opportunities to invest the proceeds from the transaction as part of our strategy to deliver strong capital returns and sustainable earnings for our shareholders," said Chief Executive of KW Europe Mary Ricks, representing the view of the fund's Investment Manager, in a statement.
The company announced the placing and open offer earlier in October, and at that time said the funds raised will be used to fund future investments.
Deutsche Bank and Bank of America Merrill Lynch acted as joint global co-ordinators and bookrunners, and J.P Morgan Cazenove and Davy as joint bookrunners in relation to the issue.
Shares in Kennedy Wilson are untraded Tuesday. The stock last traded at 1,045.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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