Invezz.com: British Land Eyes New Property Investment Opportunities With Share Placing, Asset Sale
Investment portal iNVEZZ.com has recently reported on British Land's intentions to raise funds for its new property investment programme.
Online, March 18, 2013 (Newswire.com) - iNVEZZ.com has recently published a news item headlined "British Land to Raise Some £500m in Share Placing to Fund Property Investments",covering an announcement made by London-based British Land. Citing the real estate company' statement published on March 12, the investment portal revealed that British Land plans to raise £500 million from shareholders as well as a significant amount from a commercial asset disposal. As noted, the proceeds from these moves will be used to fund property investment opportunities recognised by the company as attractive.
As reported in the iNVEZZ.com article, British Land intends to place 89.7 million new ordinary shares, representing 9.99 percent of its existing share capital. Almost half of the money raised from the share placing will fund recent acquisitions while the remainder will go towards property investment deals in advanced stage of negotiations and identified acquisition opportunities in the company's core markets of London and the South East, the UK-focused investment portal reported.
Along with the prospective share placing, iNVEZZ.com announced the sale of one of British Land's major commercial property assets -- Ropemaker Place. The office block in the City of London was bought by a consortium for £472 million.According to the investment portal's news item, the proceeds of the sale will be "reinvested into its London-focused development programme."
British Land has recognised a "clear acceleration in the flow of opportunities" the company wishes to tap into. The investment portal's article reads: "Many of these property investment opportunities are driven by structural changes as institutions reconfigure their property holdings and some smaller competitors withdraw from Britain's real estate market."
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