FINANCE: Student housing specialist Unite is aiming to raise £115m from the placement of 20.1m shares priced at 25p each.
The placement represents 9.99% of the company’s current issued ordinary share capital.
Half of the proceeds raised will be used to purchase new units in The Unite Student Accommodation Fund, which is currently undergoing an equity raise of up to £275m.
The fund is currently assessing £600m of potential acquisition opportunities from which it is targeting a total annual return of 15%.
Half of the proceeds will be used to acquire a highly sought after 2018 regional development pipeline in key university towns and cities.
