British Land Company PLC (LSE:BLND) shares dipped 1.4% after the real estate investment trust agreed to raise £301 million at a slight discount to buy a group of retail parks.
The FTSE 100 group said yesterday it is buying a portfolio of seven retail parks for a total of £441 million, with the remainder financed from existing cash and borrowing facilities.
The property developer said it was a "non-pre-emptive" placing of £293 million and £6.7 million retail offer, which has both been priced at 422p per share, a 3.6% discount to the last close.
Simon Carter, chief executive, said: "We are delighted with the outcome of this important equity placing for British Land, which we are using to acquire this attractive portfolio of retail parks with strong rental growth prospects."
Retail and other investors subscribed to the offer via the PrimaryBid platform, with some directors also intending to subscribe at the same price once interim results are published for the half-year to 30 September.
British Land said it consulted with a number of its major shareholders prior to the placing.