LondonMetric Property has announced a placing of up to 62,804,390 new ordinary shares representing approximately 9.9% of the company’s issued share capital.
The company said it intended to use the net proceeds to fund the acquisition of predominantly “last mile” distribution assets and to finance newly committed distribution developments. It said the proposed placing would raise approximately £97 million of gross proceeds (based on the closing share price on 22 March) and would enable the company to accelerate its portfolio alignment towards distribution by:
– increasing its exposure to the attractive returns available from last mile distribution
– building out three new developments following material progress on pre-lettings, which were announced separately today.
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