Real estate investment trust British Land Co Plc (LON:BLND) said today it plans to raise about GBP500m (USD743m/EUR571m) for current and future sector investments by placing a stake of up to 9.99% with existing and new institutional investors.
Morgan Stanley Securities Ltd, Morgan Stanley & Co International Plc and UBS Ltd are assuming the roles of joint bookrunners and corporate brokers, while Goldman Sachs International will only act as a joint bookrunner with regard to the placing of up to 89.7m new ordinary shares.
British Land plans to use the proceeds to fund investment opportunities in its core sectors in London and the South East. The company noted it is in advanced stage of discussions in connection with some GBP150m of potential buys.
The placing is seen to be earnings accretive on an annual basis within 12 months following investment.
