Impact Healthcare REIT’s share placing which was announced last month has been ‘significantly oversubscribed’.
The board exercised its right to increase the size of the placing to £100m – four times than what it had originally planned.
The placing remains oversubscribed at the increased size and therefore applications have been scaled back in accordance with the terms set out in the prospectus.
A total of 94.3 million new ordinary shares in the company will be issued on Wednesday (15 May), at 106 pence per share.
The proceeds of the placing are expected to be used to repay the amounts drawn under the company’s revolving credit facilities; pursue near-term pipeline opportunities; and invest in the group’s existing portfolio.
Following the issue, the real estate investment trust’s share capital will comprise 286.5 million ordinary shares.
Rupert Barclay, non-executive chairman of Impact Healthcare REIT, said: ‘This successful capital raise of £100m will enable the company to build on its successes to date by executing on its pipeline of attractive near-term investment opportunities, each of which is expected to generate further value for shareholders.
‘These investments are expected to enhance the diversification of the portfolio and tenant mix and enable the company to invest in the next phase of organic growth within the group’s existing portfolio.’