Segro has raised £576 mln (€664 mln) in a rights issue to fund development and to pay for Aviva Investors's 50% share of their £1.1 bn Airport Property Partnership (APP) joint venture.
Segro, a UK-based warehouse and light industrial REIT, announced the results of its 1 for 5 rights issue on Tuesday morning. The offer achieved almost 98% acceptance, placing 162 million shares at 345 pence each.
Joint bookrunners Merrill Lynch International and UBS placed the rump of 3.6 million shares for £16 mln before the end of the day.
Segro will use the net proceeds to fund development projects and to pay for taking full control of the APP joint venture on 10 March. That transaction involved acquiring Aviva's half share for £216 mln in cash and £149 mln of assets.
APP comprises 21 direct property assets, valued at £1.1 bn and totalling 350,000 m2, 87% of which by value are located at London's Heathrow Airport, including the majority of the airport's airside cargo facilities.
