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Real Estate

Segro increases fundraiser to £900m to meet demand

Property giant Segro plc has increased its fundraiser by £100 million to £900 million to match demand for the stock.

Cash from the share sale, which was priced at a modest 3.4% discount to Tuesday's close, will be deployed to pursue growth opportunities, including acquisitions, investors were told.

"We appreciate the support from our investor base for this equity placing and the confidence it demonstrates in our business," said chief executive David Sleath.

"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."

Segro is a warehousing and logistics specialist which trades as a tax-efficient real estate investment trust.

The stock was steady at 850.6p in early Wednesday exchanges.