General Electric's pension fund has sold its entire stake in UK-listed REIT London & Stamford Property (LSP). General Electric Pension Trust had initially planned to sell 50 million shares, equating to 9.2% of the UK REIT's issued capital.
General Electric's pension fund has sold its entire stake in UK-listed REIT London & Stamford Property (LSP). General Electric Pension Trust had initially planned to sell 50 million shares, equating to 9.2% of the UK REIT's issued capital.
Due to demand for shares received during bookbuilding on Thursday, it was decided to sell the pension fund's entire holding of 73.9 million shares.
The shares, accounting for a 13.6% stake in LSP, were priced at 100 pence per ordinary share, raising gross proceeds of £74 mln (EUR 87 mln).
Credit Suisse was the sole bookrunner and joint lead manager, and Peel Hunt was joint lead manager.
LSP has £1.5 bn (EUR 1.7 bn) of assets under management.
