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Capital & Counties Properties lifts stake in Shaftesbury to over 25% following £65m investment
StockMarketWire.com
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Property investment companies Capital & Counties Properties said it had invested another £65 million in Shaftesbury, increasing its stake to over 25%.
The company subscribed for £65 million of new Shaftesbury shares at the placing price of 400 through the latter's £307 million equity placing, announced earlier today.
'The board believes that the investment is priced attractively in view of the long-term prospects and resilience of prime central London...' the company said.
On a pro forma basis as at 30 June 2020, the investment would result in net debt of approximately £690 million, with net debt to gross assets and LTV remaining stable at 25% and 32% respectively, and over £600 million of cash and undrawn committed facilities, the company said.
Story provided by StockMarketWire.com
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