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UPDATE: SEGRO successfully closes 1-for-5 rights issue for £365M buy

SEGRO Plc closed its 1-for-5 rights issue to raise the £216 million cash consideration for its £365 million acquisition of the remaining half stake it does not own in Airport Property Partnership.

The issue closed March 27 at 11 a.m. London time with acceptances received for 162,341,324 of the 166,033,133 new ordinary shares that the company had planned to issue at 345 pence apiece. Hours later, joint book runners Merrill Lynch International and UBS Ltd. secured buyers for the remaining 3,691,809 new shares, or 2.2%, of the rights issue at 452 pence apiece as of the March 27 closing date for acceptances, according to a release.

Net proceeds from the sale of the remaining shares will be used for pro rata payment to the shareholders whose rights have lapsed per the terms of the issue. Individual amounts of less than £5.00 will be paid to the company.

The joint book runners are also the global coordinators and sponsors of the offering.