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LONDON (Alliance News) - Starwood European Real Estate Finance Ltd on Thursday said it has raised GBP43.5 million, below its minimum target to raise GBP50.0 million.
The company said it raised the funds by issuing 42.3 million new shares in the company at a price of 102.75 pence per share. On September 7, when the placing was originally announced, Starwood said it was looking to raise a minimum of GBP50.0 million.
The funds will be used to fund a "pipeline of transactions that currently have a high probability of closing in the short term", it said.
The near-term pipeline represents a range of real estate sectors in the UK, Ireland and the wider Continent, it added.
"The company's overall pipeline of potential investment opportunities remains strong and it is intended that the company will seek to raise further equity under the placing programme, as required by investment needs," said Starwood.
Starwood shares were up 0.7% to 103.50 pence per share on Thursday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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