PRS REIT is setting out to secure £75m in new equity to help it fund six upcoming site acquisitions.
The company is eyeing six sites with potential for 670 new homes and a combined estimated rental value of £6.5m.
The residential real estate investor plans to sell new shares at 103p per share as well as launching a separate offering for retail investors on the PrimaryBid platform.
The deal, run by Singer Capital Markets and Panmure Gordon, will be priced at the company’s closing stock price from 24 September and a 6.79% discount to its share price of 110.5p before its confirmation earlier this month that it was considering a new fundraise.
The offering price is at a 4.2% premium to the company’s net asset value as of the end of June.
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