Empiric Student Property has raised £110m through a share issue, falling short of its £150m target.
Proceeds from the raise will be used for the company’s pipeline of developments, which it said will total 3,500 beds.
Empiric announced its intention to issue up to 137,614,678 shares on 4 July at 109p per share. A total of 100,917,432 shares were issued.
Baroness Dean of Thornton-le-Fylde, chairman of Empiric, said: “We are pleased to announce a successful capital raise of £110m that will enable us to pursue a strong pipeline of investment opportunities.
“We are grateful for the continued support from our existing shareholders and welcome a range of new shareholders to the company. We will now focus on deploying the proceeds of the fundraising into an identified pipeline of properties in London and elsewhere in the UK.”
Dealing in the new shares is expected to start on 24 July, subject to approval at tomorrow’s general meeting.
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