27th Feb 2015 08:20
LONDON (Alliance News) - FTSE 250-listed real estate investor Redefine International PLC Friday said it will launch a share placing to back its investment plans in the UK and Germany, as it said it is trading in line with expectations and said it has signed up Primark as a tenant in a German shopping centre.
Redefine said it plans to issue up to 131.4 million shares in order to raise funds to back new investment opportunities in the UK and Germany, the funding of initiatives within its existing portfolio and to increase its ability to secure attractive debt funding.
The company did not provide and pricing details on the placing, but its shares were down 1.4% to 57.37 pence in early trade on Friday. At that price, the issue would raise GBP75.4 million.
The placing will be conducted via an accelerated bookbuild, with Peel Hunt and JPMorgan Cazenove to be joint bookrunners.
Redefine said it is performing in line with expectations for the year to the end of August, with its overall core portfolio occupancy improving to 97.6% at January 27, compared with 97.3% at the end of its financial year in August 2014.
The company said the expectation of an extended low interest rate environment in key markets will be supportive of property prices and said it anticipates its distribution per share to be in line with market expectations this year.
In a separate statement, Redefine said it has signed a deal with Associated British Foods PLC's Primark fashion retail chain to take space at the City Arcaden Shopping Centre in Ingolstadt in Germany.
Primark will take a 5,200 square metre space in the centre, which Refine bought in August last year.
By Sam Unsted; [email protected]; @SamUAtAlliance
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