Empiric Student Property PLC (LSE:ESP) has raised £56.1 million through a share placing to fund new acquisitions and accommodation refurbishments.
Some 59,686,950 new stock, equating to 9.9% of the company’s issued capital, were placed at a price of 93p each, raising £55.5 million, Empiric said on Thursday.
A further 663,714 shares were sold through a retail offering at the same price, representing 0.1% of Empiric’s capital and raising an extra £0.6 million.
Empiric announced the offering on Wednesday, which it said would help “fund a pipeline of accretive investment and postgraduate refurbishment opportunities”.
Jefferies and Peel Hunt acted as book runners, while directors of the company and institutional investors were said to be among those to take part.
“This placing will allow the business to grow, drive operational margins and create long-term shareholder value,” chief executive Duncan Garrood added on Thursday.
“There is a fantastic opportunity now ahead of us.
“We will remain focused on doing what we do best; creating high quality, modern student accommodation serving top-tier universities, incrementally driving value to generate stable, long-term returns for our shareholders.”
Shares fell 2% to 95p on Thursday.