London-listed care home fund, Impact Healthcare REIT, has seen its latest placing significantly oversubscribed from a planned £25 mln (€29 mln) to more than £100 mln, prompting the firm to increase its size.
The REIT's board, in consultation with its joint bookrunners, said that strong interest would see it issue a revised volume of 94,339,623 ordinary shares at the placing price of 106 pence per new ordinary share, totalling £100 mln.
The net proceeds of the placing are expected to be used to replay the amounts drawn under the company's revolving credit facilities, pursue a number of near-term pipeline opportunities, and potentially invest in value-enhancing opportunities within the company’s existing portfolio.
'This successful capital raise of £100 mln will enable the company to build on its successes to date by executing on its pipeline of attractive near term investment opportunities, each of which is expected to generate further value for shareholders,' said Rupert Barclay (pictured), Impact Healthcare's non-executive chairman.
According to the firm, the fund provides investors with a diversified portfolio of UK healthcare real estate assets, with a focus on residential care homes.
