Capco offers shares to fund Covent Garden expansion

UK property firm Capital & Counties said on Wednesday it will place up to 68 million shares to raise equity aimed at financing the expansion of its Covent Garden estate.

The Central London REIT is expected to raise around £140 mln (EUR 180 mln) from the share issue, which will increase its capital by nearly 10%.

The company said there were additional opportunities in Covent Garden over the next 12-18 months to commit 'significant incremental capital of approximately £200 mln from existing resources and the proceeds of this placing in order to generate further growth'.