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LONDON (Alliance News) - Warehouse REIT PLC said on Tuesday it plans to raise GBP100 million through the issue of shares, which will go towards making new acquisitions and strengthening its portfolio.
The real estate investment trust will issue up to 97.1 million shares through a placing, subscription and open offer at 103.0 pence per share. The issue price reflects a 2% premium to Warehouse REIT's closing price on Monday at 101.00 pence.
Shares in Warehouse REIT were up 0.9% at 101.92 pence on Tuesday.
Shareholders can take part in the open offer for up to 66.4 million shares on the basis of two new shares for each five existing one held.
Warehouse REIT has reserved the option to increase the size of the issue by up to 24.3 million shares, which would bring the maximum proceeds raised to GBP125 million.
Peel Hunt is acting as nominated adviser and placing agent.
"With robust and growing income streams from a focused investment into UK multi-let warehouse properties, the next phase for the company is to scale the portfolio as it continues to both source and attract compelling deal flow within the asset class. Having carefully considered all funding options in order to grow, we believe that this potential share issue would be in the best interests of Shareholders and the success of the company as a whole," said Chair Neil Kirton.
