Helical Bar has raised £27.7m of new equity in the share placing it announced this morning in order to capitalise on investment opportunities in the UK market.
A total of 9.7m new shares were placed by JP Morgan Cazenove at a price of 285p a share – a slight discount to Helical’s current share price of 307.25p.
The shares represent 9.99% of Helical’s issued share capital before the placing.
Mike Slade, chief executive of Helical Bar, said: ‘The successful equity raising of £27.7m provides us with the extra financial firepower to take even greater advantage of the significant value that is now emerging from the property market.
‘We are delighted that, with the backing of existing and new investors, we are extremely well placed to move swiftly in selecting and executing the best deals to create long term value for our shareholders.’