Capital & Counties Properties (Capco) says it has raised about £100.6 million following the placing of its 62.1 million new ordinary shares at 25 pence a share.

Proceeds of the placing would predominantly be used to fund acquisitions and also the ongoing repositioning of assets at Covent Garden, it said.

"We are delighted to have received such a positive response from investors. During the past year we have established ourselves as a central London-focused property company and have made significant progress in repositioning our Covent Garden estate to create a contemporary luxury destination," said CE Ian Hawksworth.

"The new money raised from the placing will accelerate our progress at Covent Garden and we expect acquisitions and projects at Covent Garden funded by the placing to be accretive to both estimated rental value and net asset value per share over time."

Source: I-Net Bridge

Publisher: I-Net Bridge
Source: I-Net Bridge