LXI REIT has raised £60.2m in its second share issue, falling short of the £205m maximum target it set in September.
The company said previously it would look to issue up to 200m new shares at 102.5p for a pipeline of long-lease, UK-focused acquisitions. It said it had entered a period of exclusivity on £100m of those acquisitions. However, it issued only 58.7m new shares in the placing.
The issue takes LXI’s market cap to about £200m, having launched in February with a £138m IPO against an initial target of £200m.
Stephen Hubbard, chairman of LXI REIT, said: “We are grateful for the continued support from our existing shareholders and welcome a number of new investors to the company.
“We will now focus on deploying in short order the proceeds of the fundraising into our immediate pipeline of investments.”
Peel Hunt acted as sole bookrunner for LXI.
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