13th Nov 2014 15:48
LONDON (Alliance News) - Standard Life Investments Property Income Trust Ltd Thursday said has raised GBP20 million in a share placing, funds it said it will use for acquisitions.
The company said it issued 26.5 million new shares, at a price of 75.5 pence per share.
The company's shares were trading 2.0% lower Thursday afternoon at 77.45 pence.
In a statement early Thursday, the trust said it was seeking to raise in excess of GBP12 million in the placing.
"The gross process of the Issue are significantly in excess of the initial GBP12 million target and provides greater scope to the management team to deliver on the strong pipeline of near term opportunities available to the company," the trust said.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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