Secure Income REIT Plc raised £315.5 million in gross proceeds from its oversubscribed share placement of 86,438,000 ordinary shares, attributed to strong investor demand.
As such, the London-listed real estate investment trust completed the placement more than a week earlier than the planned closing.
The placement is still conditional on the March 27 approval of shareholders, the placing agreement being declared unconditional and the London stock exchange's approval to admit the shares onto the bourse, expected to become effective March 29.
If all requirements are met, the new shares will be issued at 365.0 pence per share and will be credited as fully paid and will rank pari passu with all existing company shares.
Secure Income REIT disclosed the plan in early March, and noted that the proceeds will help fund its £436 million acquisition of two U.K. property portfolios.
