Segro raises £907m in placing to pursue growth opportunities

28th Feb 2024 07:25

(Sharecast News) - Real estate investment trust Segro said on Wednesday that it had raised gross proceeds of £907m in a placing to pursue additional growth opportunities.

The company had announced late on Tuesday that it was looking to raise around £800m, but this was increased to £900m due to "strong demand" from existing investors and potential new holders.

The shares - which represent around 9% of the issued share capital - were placed at 820p each, which is a discount of 3.4% to the closing share price on Tuesday.

Segro said the proceeds would allow it to pursue additional growth opportunities, including new and existing development projects and to take advantage of potential acquisition opportunities which may arise, while maintaining a strong balance sheet.

Chief executive David Sleath said: "We appreciate the support from our investor base for this equity placing and the confidence it demonstrates in our business. In addition to the profitable growth opportunities within our development pipeline, we expect further exciting opportunities to emerge in the coming months which this additional capital will help us to deliver."