SEGRO has increased the amount it plans to raise through a share placing from £800m to £900m.
The industrial REIT said it was upping the amount off the back of strong demand from existing investors and potential new shareholders.
Chief executive David Sleath said: “We appreciate the support from our investor base for this equity placing and the confidence it demonstrates in our business.
“In addition to the profitable growth opportunities within our development pipeline, we expect further exciting opportunities to emerge in the coming months which this additional capital will help us to deliver.”
A total of 109,756,098 new ordinary shares have been placed by Morgan Stanley at a price of 820p per share.
On announcement of the initial raise, SEGRO said the new capital would allow it to secure opportunities such as new and existing development projects, and to “take advantage of potential acquisition opportunities which may arise” while “maintaining a strong balance sheet”.
SEGRO expects to invest around £600m in development and infrastructure this year and a similar amount in 2025.
The listed landlord last raised equity in 2020. Since then it has deployed £2.2bn in development capital expenditure, including infrastructure, £3.1bn on acquisitions including land purchases, and made £1.4bn of disposals.
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