LONDON (Alliance News) - AEW UK REIT PLC on Monday said it is looking to raise up to GBP30.3 million in a placing of shares, with the proceeds to be used to acquire smaller commercial properties in the UK.
The real estate investment trust said it is targeting an issue of up to 30.0 million shares at 101 pence each. Shares in the trust were untraded on Monday, having last traded at 101.09 pence.
The number of shares to be issued may be increased if "the net proceeds can be deployed with a view to minimising the effect of cash drag" on the existing shares.
In addition, the number of shares issued may be reduced if "the pipeline of investments changes prior to the closing" of the placing.
Results of the placing are due on December 10.
Dexion Capital PLC is acting as sponsor and sole bookrunner on the placing.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Aew Uk Reit (AEWU)