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Regional REIT signs 2 portfolio acquisitions, proposes £100M capital raise

Regional REIT Ltd. agreed to acquire two office portfolios and is proposing to raise combined gross proceeds of roughly £100 million to finance the acquisitions.

The company is acquiring a portfolio of three office properties in from NW UK III Ltd. and a portfolio of 17 office properties from Archimedes Real Estate LP.

The company is looking to raise roughly £50 million through the issue of new ordinary shares through a firm placing and roughly £50 million more through a placing, open offer and offer for subscription. The capital raising is conditional on minimum gross proceeds of £65 million being raised, with the board having the ability to raise the size of the issue by up to 25% if there is enough demand.

Up to £45.8 million will be used for the acquisition of the NW UK III portfolio, which is in Woking and Cheshunt in England and Edinburgh, Scotland.

Up to £47.6 million will be used to finance the acquisition of the Archimedes Real Estate portfolio.

Any remaining proceeds will be used in the pipeline of other investment and refurbishment opportunities.

Peel Hunt LLP is the sole book runner and joint placing agent together with Cenkos Securities plc.