11th Feb 2015 09:51
LONDON (Alliance News) - Target Healthcare REIT Ltd Wednesday announced plans to place 25 million new shares in order to raise funds for acquisition of potential opportunities it has identified.
The company said the placing will be conducted through a book-building process, with the price to be determined at the close of the process. It expects the price to be set in the range of 100 to 104 pence per share.
Shares in Target Healthcare are trading down 0.2% at 101.80 pence Wednesday morning.
The company said it has raised GBP22.3 million over the last six months and has used these funds for the acquisition of five purpose-built care homes for GBP25.8 million. It has identified further opportunities with an investment value of GBP100 million, it said, with an average net initial yield of over 7.0%.
The placing is expected to close on March 3, although it may close earlier at the discretion of the company, in consultation with placing agent Oriel Securities Ltd.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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