LONDON (dpa-AFX) - Commercial property operator British Land Co. plc (BLND.L) Tuesday said it has sold Ropemaker Place, London EC2 to Frasia Properties S.à r.l. and Frasia Properties Subsidiary S.à r.l., which are subsidiaries of a UK Real Estate Investment Trust structure, for 472 million pounds. The company also announced that it intends to place up to 89,674,604 new ordinary shares, representing about 9.99 percent of its existing issued share capital, with both existing and new institutional investors.
The company said the sale was in line with its plans to fund investment opportunities including 213 million pounds of recent acquisitions and 150 million pounds of planned acquisitions. The company also plans to recycle capital and balancing its portfolio between the West End and the City.
British Land added that the placing is expected to enhance future growth in earnings and returns, and to be earnings accretive on an annualized basis within 12 months, following investment.
Copyright(c) 2013 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2013 AFX News
