LONDON-FOCUSSED property developer Telford Homes today announced that its proposed rights issue has been oversubscribed, which will be used to fund new development opportunities.
The company, which specialises in building new homes in inner London, will place 8 million shares at 250p per share in order to raise £19.24 million.
“Together with our increased bank facility secured in April 2013 the equity raised will give the group nearly £50m to invest in new development opportunities, some of which have already been identified,” said chief executive Jon Di-Stefano.
“This investment will accelerate the growth of Telford Homes and underlines our belief in the long term future of the housing market in London.”
Shore Capital is arranging the transaction.