Update: Schroder European REIT raises £15m from share issue

To fund pipeline of acquisitions

The Schroder European Real Estate Investment Trust (REIT) has raised £15m from its share placing programme to fund a number of acquisitions across "strategically identified areas of growth".

The board of the £133m trust announced plans to raise extra capital to finance acquisitions earlier this month as part of its placing programme established in November 2015. A total of 12,500,000 new ordinary shares have been placed, subject to admission, by Numis Securities and PSG Capital at a price of 120p per share. The new shares represent approximately 10.3% of the issued ordinary share capital of the company prior to the placing. The proceeds will be used alongside the trust's existing cash reserves of €45m to fund its near-term investment pipeline of approximately €150m. Si...