By Ian Walker
Supermarket Income REIT PLC announced Thursday that it plans to raise £ 100 million ($ 134.3 million) through a stock placement and subscription offer and that the money will be used for investments.
The British real estate investor announced that it would issue the new common shares at 115 pence each. The issue price is a 4.2% discount on the company’s closing price of 120.0 pence on Wednesday, but a 6.5% mark-up on EPRA’s most recently reported net non-cash assets per ordinary share as of June 30 of 108 pence.
The company said it also plans a 450 million share placement program that will allow it to raise additional equity over the next year.
Supermarket Income said its investment advisor has identified four assets valued at approximately £ 180 million and another seven assets valued at £ 420 million.
“With an attractive pipeline of assets, this fundraising will allow the company to continue to conduct a number of transactions that meet our investment criteria and build on our longstanding track record of raising capital in additional key omnichannel properties that serve some of the “Britain’s largest supermarket operator,” said Chairman Nick Hewson.
Shares fell 3.25 pence, or 2.7%, to 116.75 pence at 0728 GMT.
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