16th Feb 2016 07:50
LONDON (Alliance News) - UK-focused property investor Redefine International PLC on Tuesday said it will seek to raise at least GBP100.0 million through a share placing to finance the acquisition of the second part of the AUK Portfolio.
In September, FTSE 250-listed Redefine acquired the AUK portfolio, comprising 19 properties in the UK, mostly in London and the South East, for GBP437.2 million from Aegon UK Property Fund. The second tranche of the acquisition comprises a total of nine properties, and Redefine said the combined portfolio will add GBP28.3 million in gross rental income.
Redefine said it will issue up to 375.0 million share in the placing and may increase the total raised to GBP150.0 million should demand be sufficient. Any excess proceeds would be used to back further investment opportunities, it said. Redefine shares closed on Monday at 42.45 pence.
The placing will be conducted through an accelerated bookbuild, handled by Peel Hunt and JPMorgan Cazenove, with the placing price to be agreed following completion of this process.
By Sam Unsted; [email protected]; @SamUAtAlliance
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