Shaftesbury embarks on £297m capital raising

London-based real estate investment trust Shaftesbury has embarked on an equity capital raising, which aims to raise gross proceeds of approximately £297 million via a fully underwritten firm placing and placing and open offer.

Posted Monday, November 2nd 2020
Shaftesbury embarks on £297m capital raising

Brian Bickell

A further £10 million in gross proceeds may be raised by way of an offer for subscription which is not underwritten.


Shaftesbury has a portfolio that extends to 16 acres in the heart of London's west end. It owns around 600 buildings with a total value of around £3.8 billion. The properties in the portfolio have a mix of uses including: food, beverage & leisure; retail; offices; and residential.
 

In light of the Covid-19 pandemic, Shaftesbury is carrying out the capital raising to help ensure it maintains its strong financial base, as well ensure it is positioned to return to long-term growth as pandemic-related issues recede and, should conditions improve, is able to invest further in its portfolio.


Shaftesbury is led by chief executive Brian Bickell (pictured).


Hogan Lovells is advising Shaftesbury on the capital raising. The Hogan Lovells team is led by partners Nicola Evans and Raj S. Panasar, supported by partners Jonathan Baird, Gill McGreevy and Elliot Weston.