Circle Property has listed on the stock exchange at £1.49 per share. The placing gives it a market capitalisation of around £42m.
The regional UK property investment, development and management company owns a freehold and leasehold portfolio of 16 assets valued at £73.9m.
The company’s aim is to build a portfolio of prime regional offices by adding value to under-utilised buildings, securing lettings swiftly ahead of competition to achieve attractive initial yields.
It is targeting annual total returns in excess of 12% on acquisition and between 15% and 20% on costs of development expenditure, including acquisition costs.
The number of ordinary shares issued is 28.3m of which 255,034 will be held in treasury, giving a total number of voting rights in the company of around 28m.
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