8th Jun 2015 14:39
LONDON (Alliance News) - Sirius Real Estate Ltd Monday said it raised EUR50 million in its private placing, selling 108.7 million new shares at EUR0.46 each.
The shares being issued are equivalent to 17% of the company's existing shares. The company's plan, which envisaged raising up to EUR50 million, was revealed in an announcement last week.
"We are very appreciative and encouraged by the significant support shown by existing and new investors for this fundraising. We have a clear, long-term plan to generate attractive and sustainable returns from our growing portfolio of branded business parks in selected pockets across Germany," Chief Executive Andrew Coombs said in a statement.
"The new funds will support the acquisition of a new portfolio of five business parks and the refinancing of the existing EUR56 million Macquarie facilities with a much lower cost, long term 10 year loan. The net effect of these actions when completed is expected to be significantly accretive to the company's annual dividend per share, by approximately 16%," Coombs added.
Sirius Real Estate shares were down 1.4% at EUR0.469 on Monday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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