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Home REIT PLC on Friday said it had raised £235 million through a ‘significantly’ oversubscribed share placing.
Earlier this month the London-based homeless accommodation investor announced its plans to raise £150 million through a discounted share placing.
On Friday, Home REIT said it had issued 228.9 million shares at 115 pence each in an over subscribed placing, raising gross proceeds of £263 million. Shares in Home REIT were down 3.7% to 113.60p each in London on Friday morning.
Home REIT added that it plans to use the proceeds for its £300 million acquisition pipeline, which in part will be used to build homes for the homeless.
Chair Lynne Fennah said: ‘The result of this oversubscribed fundraise, underpinned by strong demand from new and existing investors, is a further endorsement of Home REIT's strategy, purpose and the compelling track record the team has built since inception just 18 months ago. In that short time, we have created a portfolio offering over 8,500 beds to those who need them most and these new proceeds will enable us to continue our mission to provide critically needed housing.’
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