AEW UK REIT has raised a third of the amount it set out to secure through a fundraising as fears over the spread of the coronavirus hit the equity markets.
The company, most of whose assets are industrial sites, said on 19 February that it aimed to raise up to £20m through a new share issue, adding that it has a £100m pipeline of potential investments under negotiation or due diligence.
However, today the company said in a stock exchange statement that the placing had raised £7m.
EG understands that the stock market impact of coronavirus concerns is viewed as having influenced the placing’s success.
The FTSE All-Share, of which AEW UK REIT is a constituent, is currently more than 6% lower than at the start of the year.
AEW UK REIT’s placing programme expires on 28 February, meaning any fundraising under the programme had to be completed this week.
To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette
