10th Dec 2015 08:21
LONDON (Alliance News) - Retail-focused property investor NewRiver Retail Ltd on Thursday said it is planning to raise GBP150.0 million via a share placing to back its current acquisition and development pipeline.
The company will raise up to GBP150.0 million via the issue by issuing shares at 325.00 pence per share, meaning the company could issue up to 46.2 million shares under the initial plans. Shares in NewRiver were down 4.0% to 337.9999 pence on Thursday.
The group intends to use the proceeds from the placing to back its acquisition and development pipeline, focused on retail property assets in the UK. The group agreed the heads of terms to acquire two properties for a total of around GBP100.0 million it said, comprising a portfolio of three regional property centres in the first transaction and a shopping centre in a London suburb in the second.
By Sam Unsted; [email protected]; @SamUAtAlliance
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