28th Jan 2016 08:44
LONDON (Alliance News) - Property investor Redefine International PLC on Thursday tabled plans for a potential share placing to raise more than GBP100.0 million to finance the second tranche of its acquisition 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 to its trading.
The company did not provide any pricing details on the placing, but said it would raise a minimum of GBP100.0 million, though it may increase this to GBP150.0 million dependent on demand.
Redefine shares were up 0.1% to 46.82 pence Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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