LONDON (Alliance News) - Schroder European Real Estate Investment Trust PLC on Monday said it raised around GBP15.0 million in its placing, after having received commitments for 12.5 million shares
The real estate investment trust said it will issue the 12.5 million shares at 120.00 pence per share under the placing, with the number of shares equal to around 10.3% of its issued share capital prior to the placing.
Shares in Schroder European were untraded on Monday, having last traded at 119.75p.
The new shares are expected to be admitted to trading on Friday, following which Schroder European's issued share capital will stand at 133.7 million shares.
"Having constructed a portfolio of high quality real estate in the growth cities of continental Europe, [the funds] will enable further deployment into the pipeline of new investment opportunities. This will be accretive to returns and will continue to develop the strategy of delivering an attractive income distribution with potential for long-term income and capital growth," said Non-Executive Chairman Julian Berney.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Schroder Eur.r (SERE)