(Alliance News) - Primary Health Properties PLC said Thursday it has raised GBP140 million through a placing of 96.6 million shares, while will go towards funding the future acquisition of asset management projects totalling GBP128 million.
This will include a short-term estimated pipeline of GBP92 million of active acquisition and development opportunities across the UK and Ireland as well as adding more value to existing assets, estimated at GBP36 million.
The shares were issued at a price of 145 pence per share, reflecting a discount of 5.2% to Wednesday's closing price of 153.00p.
Shares in Primary Health Properties closed 2.0% lower at 150.00 pence on Thursday.
Primary Health had originally intended to raise GBP120 million in total, but the target was upsized due to increased investor demand.
"On behalf of the board I would like to thank all of our new and existing shareholders for their support of PHP. As stated in our trading update this morning, operational and financial performance to date remains strong, and our portfolio continues to demonstrate resilience, and the additional funds raised will help further accelerate our growth by funding near-term portfolio expansion, forward funded developments and asset management projects," said Managing Director Harry Hyman.
Primary Health Properties now has 1.31 billion shares issued overall.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Primary Health (PHP)