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LXi REIT raises £60.2m via equity issue

By Paul Norman - Thursday, October 12, 2017 8:43

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LXI REIT has raised £60.2m via an equity issue.

The issue of new ordinary shares of £0.01 each came under the placing programme set out in the February 2017 prospectus and was received under the second issue for 58,731,707 ordinary shares which will be issued at a price of 102.5p per Ordinary Share.

Admission to the LSE is expected to occur at 8.00 am on 16 October 2017.

Following the Second Issue, the issued share capital will comprise 196,881,707 Ordinary Shares. 

Stephen Hubbard, chairman of LXI REIT, said: “We are delighted to announce a successful capital raise of £60.2m that will enable the company, through its investment advisor, to pursue our strong immediate pipeline of index-linked, very long let real estate assets that will further diversify the Company's tenant, sector and geographic exposures.

"We are grateful for the continued support from our existing shareholders and welcome a number of new investors to the company. This capital raise takes the company’s market cap to £200m since IPO in February this year. We will now focus on deploying in short order the proceeds of the fundraising into our immediate pipeline of attractive investments to be acquired from a number of vendors and developers and let to a wide range of strong tenant covenants.”

Peel Hunt is acting as sole bookrunner.

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