AIM-listed London & Stamford announced on Friday it was seeking to raise £219.5 mln (EUR 255 mln) net of expenses to continue to exploit ongoing acquisition opportunities in the UK real estate market.
AIM-listed London & Stamford announced on Friday it was seeking to raise £219.5 mln (EUR 255 mln) net of expenses to continue to exploit ongoing acquisition opportunities in the UK real estate market.
The closed-ended investment company said it intended to raise the funds by issuing 215 million new shares by way of a placing and open offer at 105p per share. The Placing and Open Offer is fully underwritten by KBC Peel Hunt.
London & Stamford also announced it was considering applying to the Main Market of the London Stock Exchange and mulling converting to a UK Real Estate Investment Trust (REIT) 'to reflect the increased size and scope of the business'.
Raymond Mould, the non-executive chairman of London & Stamford, said: 'This fundraising, which has been heavily oversubscribed, is essential to maintain London & Stamford's acquisition capability, enabling us to continue to create value for our shareholders through the acquisition of high quality assets on attractive terms.
'We have demonstrated our ability to acquire prime property at high cash on equity returns. These additional funds give us further firepower to take advantage of the exceptional buying opportunities available.'
