10th Dec 2015 17:45
LONDON (Alliance News) - Retail-focused property investor NewRiver Retail Ltd on Thursday said it has raised GBP150.0 million, as planned, by issuing 46.2 million new shares at 325.0 pence each, in a move to support its pipeline of acquisitions and developments.
Shares in NewRiver closed down 2.0% at 345.00p on Thursday.
The group intends to use the proceeds from the placing to back its acquisition and development pipeline, focused on retail property assets in the UK. The group agreed the heads of terms to acquire two properties for a total of around GBP100.0 million it said, comprising a portfolio of three regional property centres in the first transaction and a shopping centre in a London suburb in the second.
Four of the company's directors participated in the placing, subscribing for 43,982 shares.
Chief Executive David Lockhart will buy 18,000 shares to take his total holding to 1.7 million shares, equivalent to 0.8% of the company.
Property Director Allan Lockhart will buy 15,384 shares to take his total holding to 277,944 shares, equivalent to 0.1% of the company.
Executive Director Nick Sewell will buy 3,076 shares to take his total holding to 117,909 shares, equivalent to 0.05% of the company.
Finance Director Mark Davies will buy 7,522 shares to take his total holding to 37,522 shares, equivalent to 0.02% of the company.
By Sam Unsted; [email protected]; @SamUAtAlliance
Update by Samuel Agini; [email protected]; @samuelagini
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