The Berkeley Group is planning to issue a cash call to raise £33m for future property acquisitions and is eyeing the Guinness site in Wandsworth, south west London, for a significant mixed development. Berkeley has just completed the Riverside Plaza, an 80-flat complex on an adjacent site.
The developer is also looking for sites for residential development in cities including Birmingham, Nottingham, Manchester and Liverpool.
Berkeley plans to raise funding by way of placing 4.75m new ordinary shares of 25p each, representing about 5% of the current issued capital.
The company’s financial director Roger Lewis said:”We’re looking to spend the money over the next year. But we’re also generating cash from existing operations, so it will enable us to maintain the impetus of our land buying programme.”
EGi News 03/02/97
