Redefine International REIT is to place more than 131 million shares after utilising most of its cash balances in 2013 and 2014.
In the past 15 months the company has deployed more than £208m of capital across Europe, including the purchase of 56 German retail assets.
Since August 2014 the company has increased the number of its leased properties, adding 12 more leases on 20,700s q ft of retail property across the UK. This has increased occupancy as at 27 January to 97.6% from 97.3% across the portfolio.
Capital management saw the company raise a new facility of £110.5m in November 2014 to expand its existing hotel facility. The new facility matures in November 2021 and has a margin of 0.275% with a rate cap of 3%.
Redefine also settled a €15.8m (£11.5m) banking facility for €10m and is currently negotiating a new one for its European portfolio.
In addition, two small facilities totalling £9.3m were refinanced at an all in cost of debt of 2.52% for five years.
The UK and European portfolio of Redefine was valued at just over £1bn in August 2014 with an additional £103m held in Australia, which was valued on 20 February 2015.
The capital raised in the share issue will be used to support further investments in the UK and Germany, help with asset management activities and to keep the company within its target leverage range.
The share issue would raise approximately £75m at 26 February trading prices.
Peel Hunt and JP Morgan Cazenove will act as joint book runners.
