Unite, the UK student accommodation company, confirmed it was able to complete the placing, subscription and retail offer of its £450 mln (€535 mln) capital raise that it flagged on Tuesday.
Unite informed the market of its plans while delivering interim results.
In an update on Wednesday, the company said a total of 49,686,114 new ordinary shares in the capital of the company were placed with institutional investors by JP Morgan Cazenove and Deutsche Numis, raising gross proceeds of approximately £447 mln.
Joe Lister, CEO, said: ‘This successful completion of our capital raise reflects the significant investor support for Unite Students and our growth prospects as well as recognition of the continued strong fundamentals of the student accommodation sector.’
The proceeds are being used to boost acquisitions.
Said Lister: ‘The proceeds will support a doubling of our committed pipeline by year end to over £1 bn and see us acquiring assets with asset management potential from USAF to enhance our future returns. This capital raise enables us to accelerate the delivery of new, high quality, affordable student accommodation where it is needed most and support the growth ambitions of our university partners.’
