Home REIT, which funds the acquisition and creation of homeless accommodation across the UK, has raised gross proceeds of £263m in a significantly oversubscribed placing.
It smashed its initial target of £150m with strong demand from investors in the capital raise. A total of 228,899,083 new ordinary shares at an issue price of 115 pence will commence trading on 31 May.
The proceeds of the raise will be used to tackle the ongoing critical need for homeless accommodation in the UK due to an increasing homeless population and a lack of available and affordable, high-quality, fit-for-purpose homes to address this societal issue. Home REIT has a £300m acquisition pipeline.
Lynne Fennah, chairman of Home REIT, 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, while scaling the Company and delivering on behalf of our increased shareholder base.”
HOME : Home REIT raises £263m to tackle homeless crisis