4th Feb 2020 16:34
(Alliance News) - Real Estate Credit Investments Ltd on Tuesday said it has raised GBP33.5 million to make investments.
The company, which invests in commercial or residential properties, said it issued 19.9 million new shares at a price of 168 pence each. The stock was trading 0.9% higher in London on Tuesday afternoon at 171.00p a share, giving Real Estate Credit Investments a market capitalisation of GBP358.1 million.
Following the admission, the company will have 229.3 million shares overall, it said.
Real Estate Credit Investments said it intends to use the net proceeds to invest in debt secured by commercial or residential properties in the UK and Western Europe. These investments might take form of secured senior real estate loans or securitised tranches of secured real estate related debt securities such as commercial mortgage-backed securities.
Looking ahead, the company said it intends to launch a new placing programme to take advantage of continuing opportunities within the real estate market.
"We are pleased to announce that the issue was oversubscribed and we have now utilised in full our share issuance authority granted by shareholders at last September's annual general meeting. The board is very grateful for the support of both existing shareholders and new investors," said Chair Bob Cowdell.
By Evelina Grecenko; [email protected]
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