21st Jul 2015 16:34
LONDON (Alliance News) - Starwood European Real Estate Finance Ltd Tuesday said it has raised GBP24.5 million after conducting a placing.
On Monday, the real estate debt investor outlined plans to raise up to GBP15 million before costs in a placing of new shares to fund new lending. At that time, the company did not announce a price or the amount of shares to be issued, but said the shares would be issued at a premium to its estimated unaudited net asset value of 99.94 pence at the end of June.
Earlier Tuesday, the company said it would issue up to 23.8 million shares, representing around 9.9% of its issued share capital, at a price of 103.0 pence per share. No other details of the placing have changed, it said.
Overall, that meant the placing size increased to around GBP24.5 million from the previously stated GBP15.0 million. The company has now confirmed it raised the maximum amount and said the placing was oversubscribed.
The equity fundraising will be used alongside its GBP50 million revolving credit facility to fund a loan currently in execution, Starwood said.
Starwood shares down 0.2% to 105.75 pence per share on Tuesday.
By Joshua Warner; [email protected]; @JoshAlliance
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