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Triple Point Social Housing REIT raises £108M in share issue

Triple Point Social Housing REIT PLC raised gross proceeds of nearly £108.2 million from an upsized issuance of 105.0 million new ordinary shares at £1.03 apiece.

The real estate investment trust is issuing 48,477,838 shares through an open offer, 2,324,534 shares via an offer for subscription and 54,197,628 shares under placing, subject to an approval at an Oct. 18 general meeting, among other conditions.

Triple Point had originally planned to issue up to 100 million ordinary shares, with an option to upsize the offering to up to 150 million shares if additional investments within the existing pipeline were identified by the REIT's investment manager, Triple Point Investment Management LLP.

Net proceeds from the offering will be used on investment opportunities and are expected to be deployed by Jan. 31, 2019.

The shares are expected to be admitted to the premium segment of the official list of the London Stock Exchange on Oct. 22, with dealings in the shares taking place on the same day.

Akur Ltd. and Canaccord Genuity Ltd. are the joint financial advisers to the company with respect to the offering. Canaccord Genuity is also serving as sponsor, sole global coordinator and book runner.