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Pacific Industrial share placement to yield £53M in proceeds

Pacific Industrial & Logistics REIT plc's placement of new ordinary shares will rake in proceeds of £53.0 million, with 46,086,957 shares conditionally placed at 115 pence apiece.

The real estate investment trust, or REIT, had initially intended to raise up to £110 million through the placement.

The placed shares represent about 214.8% of the REIT's ordinary shares in issue as of July 28 and will stand for 67.7% of its enlarged share capital. The 115-pence per-share placement price reflects a discount of roughly 2.1% over the REIT's share closing price on July 13 and a 0.9% discount over the EPRA net asset value per ordinary share as of March 31.

The share placement will still have to receive the approval of shareholders at a general meeting, to be held Aug. 16. If the resolution moves forward, the placed shares will be admitted to trading at 8 a.m. local time on Aug. 17 on the Alternative Investment Market of the London bourse.

The REIT will use the net proceeds from the placement to finance its asset purchase pipeline.