Developer Countryside has raised £250m to repay its debt and fund partnership ventures.
It launched a new share placing and retail offer yesterday to repay a large part of its £300m revolving credit facility with Lloyds, Barclays, HSBC and Santander.
Some 72.9m shares have been placed with institutional investors at a price of 335p, a 6.7% discount to yesterday’s closing price. Standard Life Aberdeen backed the placing with a £30.4m investment and Aviva agreed to £21.8m. A further 1.5m shares have been subscribed in a retail offer.
Countryside will draw down new finance to bolster its balance sheet and support the expansion of its partnerships division, with a focus on new regions in south London, the Chilterns and the South West.
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