5th Mar 2020 12:06
(Alliance News) - Urban Logistics REIT PLC on Thursday said it has raised around GBP6.1 million total through an open offer and subscription.
The real estate investment trust said it raised gross proceeds of around GBP5.4 million as it received valid acceptances from shareholders in respect of 3.9 million open offer shares. The company raised a further GBP700,000 through the subscription for 517,088 shares.
The stock was trading 3.5% lower at 137.05 pence each on Thursday afternoon in London.
Combined with GBP130 million raised in February, Urban Logistics has raised a total of GBP136.1 million.
In February, the company announced a fundraise in which the proceeds realised would be used to acquire a pipeline of logistics properties which include three portfolios and 12 single assets, with a weighted average unexpired lease term of around 7.8 years, and expected to have an average net initial yield of approximately 6.8%.
Following shareholder approval, 100.8 million shares will be admitted to trading on the London Stock Exchange AIM market.
By Ife Taiwo; [email protected]
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