21st Mar 2014 09:04
LONDON (Alliance News) - Schroder Real Estate Investment Trust Ltd said Friday it intends to raise GBP40.2 million in a share placing, to fund a pipeline of potential acquisitions currently under negotiation.
The trust announced its proposal to issue up to 80 million new share at 50.25 pence per share, by way of an initial placing and offer for subscription.
Numis and J.P. Morgan Cazenove are acting as joint sponsors and brokers to the company.
It also proposed a placing programme to fund future acquisitions in the period from April 18 to March 19, 2015.
"This should, in turn, enable the investment Manager to act opportunistically, by making a series of accretive property acquisitions whilst also mitigating the risk of cash drag on shareholders' funds," the trust said in a statement.
It said that future acquisitions are likely to target all the main property sectors, including, office, industrial and retail.
Schroder Real Estate Investment Trust also said it has an estimated net asset value per share of 48.7 pence as at March 17.
Shares in the real estate investment trust were down 2.8% at 51.50 pence per share Friday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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