20th Feb 2014 08:52
LONDON (Alliance News) - The UK's newest real estate investment trust Redefine International PLC Thursday said it is plans to raise an undisclosed amount through the placing of up to 86.6 million shares, which it will use to fund future acquisitions in the UK and Germany.
It also hopes to use some of the funds to repay a GBP20 million working capital debt facility saving an interest charge of around 6% a year and to support the early extension of 2016 debt maturities at lower loan to value ratios and lock-in current interest rates.
The firm which converted into a REIT at the end of 2013 said the shares represent 7.5% of its issued share capital.
Redefine raised GBP16.8 million in a placing last year which was used to support the acquisitions of the Weston Favell shopping centre for GBP84 million and CMC portfolio for EUR189 million at yields of 7.2% and 5.5% respectively.
The company has since disposed of GBP28.4 million of non-core assets.
The stock was trading at 6.30 pence Thursday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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