(Correcting total amount raised in placing.)
(Alliance News) - Home REIT PLC on Friday said it had raised GBP263 million through a "significantly" oversubscribed share placing.
Earlier this month the London-based homeless accommodation investor announced its plans to raise GBP150 million through a discounted share placing.
On Friday, Home REIT said it had issued 228.9 million shares at 115 pence each in an over subscribed placing, raising gross proceeds of GBP263 million. Shares in Home REIT were down 4.1% to 113.20p each in London on Friday morning.
Home REIT added that it plans to use the proceeds for its GBP300 million acquisition pipeline, which in part will be used to build homes for the homeless.
Chair Lynne Fennah said: "The result of this oversubscribed fundraise, underpinned by strong demand from new and existing investors, is a further endorsement of Home REIT's strategy, purpose and the compelling track record the team has built since inception just 18 months ago. In that short time, we have created a portfolio offering over 8,500 beds to those who need them most and these new proceeds will enable us to continue our mission to provide critically needed housing."
By Sophie Rose; sophierose@alliancenews.com
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Home Reit (HOME)