10th Jun 2020 07:47
(Alliance News) - SEGRO PLC said Wednesday it has raised GBP680 million in an enlarged placing, which will go towards taking advantage of investment opportunities across the UK and continental Europe.
The real estate investment trust issued 82.1 million shares in a placing run by joint bookrunners BofA Securities and UBS AG London Branch at a price of 820 pence each, and 865,435 shares in a offer via the PrimaryBid platform for the same price.
The issue price reflects a 4.5% discount to SEGRO's closing share price of 858.80p on Tuesday.
SEGRO was initially meant to raise up to GBP650 million, but due to strong demand received from existing investors and potential new holders, the group increased the fundraise target to GBP680 million.
On Tuesday, alongside the fundraising plans, SEGRO said business is progressing well in 2020 despite Covid-19. None of the workforce has been furloughed and the company has not taken any government support, it highlighted.
"Leasing momentum has been positive and is ahead of the board's expectations set prior to the start of the pandemic. New lettings have been agreed on existing buildings, including those developed speculatively over the past year, and the company has continued to capture reversionary potential from its portfolio," the company said.
Following the issue, SEGRO now has 1.19 billion shares issued overall.
By Dayo Laniyan; [email protected]
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