A property firm is eyeing a £500 million-plus pipeline of potential opportunities after raising more money than expected from investors.
The Regional REIT trust had been looking to raise £50 million from a placing and open offer of shares but today said investors had pledged £62.5 million.
Glasgow-based London & Scottish Property Investment Management, the trust’s asset manager, said it had identified a £500 million-plus pipeline of properties it has identified which meet its criteria and which could be acquired in a relatively short time frame.
The firm recently said it was in talks over the acquisition of a geographically diverse portfolio of six office assets.
Stephen Inglis, chief executive of London & Scottish, said: "We are pleased to announce another successful equity capital raise, in excess of our targeted fundraising size, supporting our next period of growth, and are delighted by the strong response from new and existing shareholders.
"With a substantial pipeline of attractive near-term investment opportunities, we look forward to continuing to leverage our expertise to make further attractive investments in regional UK property and sector leading returns for shareholders."
Last month the trust announced it had completed a £121 million refinancing with Santander and RBS.
