(Alliance News) - Regional REIT Ltd on Friday said it has raised a total of GBP62.5 million through a placing, subscription and open offer.
At the end of June, the real estate company targeted to raise up to GBP50 million to pursue a substantial pipeline of potential deals.
At the time, Regional REIT intended to issue 46.9 million shares via share placing, open offer, offer for subscription and intermediaries offer at 106.5 pence per share.
Regional REIT shares were trading 0.2% lower on Friday in London at 106.60p each.
On Friday, the trust said it will issue a further 11.7 million shares at the same price to satisfy the demand.
"We are pleased to announce another successful equity capital raise, in excess of our targeted fundraising size, supporting our next period of growth, and are delighted by the strong response from new and existing shareholders," said Stephen Inglis, chief executive of London & Scottish Property Investment Management Ltd, Regional REIT's asset manager.
Inglis added: "With a substantial pipeline of attractive near-term investment opportunities, we look forward to continuing to leverage our expertise to make further attractive investments in regional UK property and sector leading returns for shareholders."
Regional Reit (RGL)