UK property asset manager Capital & Regional said on Friday that its Mall fund is seeking to raise £286mln (EUR 363mln) in new equity at a price of 101 pence per unit from existing investors. This represents a discount of 45% to the April unit price, Cap & Reg said in a statement. It added that a meeting of unit holders would be held on 5 June to approve the open offer with the last date for applications to participate being 19 June.
UK property asset manager Capital & Regional said on Friday that its Mall fund is seeking to raise £286mln (EUR 363mln) in new equity at a price of 101 pence per unit from existing investors. This represents a discount of 45% to the April unit price, Cap & Reg said in a statement. It added that a meeting of unit holders would be held on 5 June to approve the open offer with the last date for applications to participate being 19 June.
The UK fund manager said it has received legally binding commitments from Norwich Union Life and Pensions and CGNU Life Assurance. The transaction, which is expected to be completed by the end of June, will enable The Mall to repay its bank facility in full, Cap & Reg added.
The listed company founded fund in conjunction with Morley Fund Management in 2002. The Mall is a leading owner and operator of community shopping centres in the UK.
