The Glanmore Property Fund has managed to raise the £95m rescue equity needed to prevent a firesale of assets.

It said today that it had carried out the proposed placing and open offer and that Deutsche Bank, the parent company of the fund’s manager, had provided a third of the new equity.

Deutsche Bank, which bought Tilney Asset Management International in 2006, subscribed to £32m of shares which were offered at a 50% discount to their unit value at 31 July.

The bank plans to hold on to the shares and then sell them to third parties.

Today the ‘B shares’ were listed on the Irish Stock Exchange at a net asset value per share of £11.55 based on the 31 July price of £23.10.

Based on its July valuation gross asset value of £832m the new equity would reduce the fund’s overall loan to value ratio to 66.4%.

The fund had been granted a waiver on the breach of its loan covenants in June by Canada Life, and Royal Bank of Scotland (RBS) extended the fund’s loan to value covenants for the second time.

However, this was conditional upon it raising new equity and extended the redemption period for up to three more years on top of the year and a half investors have already had to wait to redeem their money.

Around £12m of the equity was used to repay those first in the redemption line.

Had it failed to raise the cash it had warned it would have been ‘forced to dispose of properties within a limited time in difficult market conditions’.