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Unite Group raises £170M in shares placement

Unite Group Plc completed its placement of 22,206,872 new ordinary shares at £7.65 apiece, raising roughly £170 million in gross proceeds.

The company said earlier it will use the proceeds to help fund the development of two student accommodation projects in Oxford and London.

The student housing-focused real estate investment trust expects the issued shares to start trading on the London Stock Exchange's main market Feb. 23 at or around 8 a.m. London time.

J.P. Morgan Cazenove and Numis Securities Ltd. were the joint book runners.