British Land unveils £500m share placing

BRITISH Land said this morning it would raise £500m through a share placing to fund new investment opportunities.

The proceeds will be used to fund £213m of recent acquisitions, with a further £130m in advanced negotiations.

British Land said it has a “significant pipeline of identified opportunities” in its core sectors in London and the South East.

“The company believes that this placing will provide it with additional investment capacity, enabling it to capitalise upon its scale and financial strength to drive future growth in earnings and returns,” it added this morning.

Morgan Stanley and UBS are acting as joint bookrunners and corporate brokers, while Goldman Sachs is acting as joint bookrunner on the placing,

In addition, the landlord sold off office block Ropemaker Place for £472m to a consortium represented by AXA Real Estate. The proceeds will be reinvested into a London-focused development programme, British Land said.