13th Nov 2015 09:21
LONDON (Alliance News) - Standard Life Investments Property Income Trust Ltd on Friday said it has entered into a conditional agreement to acquire a portfolio of 22 UK commercial real estate assets.
In order to fund the acquisition, the trust plans to raise up to GBP100 million through the issue of new shares in an placing and offer for subscription at a price of 82 pence each. Shares in Standard Life Investments Property Income were trading down 0.6% at 85.00 pence Friday morning.
The trust also will need to utilise its bank facility which will allow it to borrow up to GBP71 million, as well as its available cash reserves of GBP22 million.
Standard Life Investments Pooled Pensions Property Fund has indicated that it intends to subscribe for approximately 7.3 million shares for an aggregate price of GBP6 million, the trust said.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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