Estate agency group Countrywide has raised £140m from investors, despite issuing a profit warning earlier this summer as it grapples with a faltering property market.
The UK’s biggest estate agency group, whose largest shareholder is private equity group Oaktree Capital, announced in June that it would seek to raise £140m in equity to cut its debt by at least half.
Countrywide planned to allocate £111.4m of shares to existing shareholders, with Oaktree Capital’s stake in the business to be reduced from 30 to 19%, while Brandes Investment Partners increased its stake from 15.7 to 16%.
