British Land to raise €571m for investment drive

UK REIT British Land plans to raise £500 mln (€571 mln) in a share placing to fund recent and new acquisitions.

The placement of almost 90 million ordinary shares represents just under 10% of existing issued share capital.

The issue is open to both existing and new institutional investors.

British Land has completed £213 mln of recent acquisitions with a further £150 mln in advanced negotiation and what the UK REIT described as a 'growing pipeline of opportunities'.

The announcement on the share placing coincided with news that British Land has sold the Ropemaker Place office building in the City of London to a consortium led by AXA Real Estate for £472 mln.

British Land is one of Europe’s largest real estate investment trusts with total assets, owned or managed, of £16.3 bn (British Land share £10.4 bn), as valued at end-September 2012.