16th Apr 2015 13:42
LONDON (Alliance News) - Unite Group PLC Thursday said it has raised GBP115 million in a share placing to help fund new asset acquisitions.
The student accommodation developer and manager said it has placed 20.1 million new shares, or 9.99% of its existing share capital, at a price of 570 pence per share.
Shares in Unite Group are trading down 1.2% at 574.50 pence Thursday afternoon.
It said it will use half the proceeds to acquire new units in the Unite Student Accommodation Fund, which is currently doing its own equity raising of up to GBP275 million, and will use the rest to help fund its own acquisitions. It wants to keep its stake in USAF at about 22%.
Its own acquisitions will be selected from an "extensive pipeline" of active opportunities in university locations such as Coventry, Portsmouth, Leeds, Glasgow, Birmingham and Aberdeen.
By Steve McGrath; [email protected]; @stevemcgrath1
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