Unite Raises GBP300 Million Through Placing For Development Pipeline

(Alliance News) - Student accommodation provider Unite Group PLC said Thursday it has raised ...

Alliance News 25 June, 2020 | 9:08AM
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(Alliance News) - Student accommodation provider Unite Group PLC said Thursday it has raised GBP300.2 million through a share placing, the proceeds of which will go towards growing its development pipeline.

The FTSE 250-listed firm issued 34.5 million shares at a price of 870.00 pence per share, reflecting a 3.1% discount to Unite's closing price at 897.5p on Wednesday.

Shares in Unite were down 1.7% at 882.00 pence on Thursday in London.

Alongside the placing, some directors of Unite, including Chief Executive Officer Richard Smith, Chief Financial Officer Joe Lister and Chair Phil White subscribed for 20,113 shares at the placing price, raising GBP175,000 in proceeds.

JP Morgan Securities PLC and Numis Securities Ltd acted as joint bookrunners in the placing.

"The successful completion of this fundraise is further evidence of the strong investor support for Unite, our future prospects and the attractive fundamentals of the student accommodation sector. The proceeds will be used to accelerate growth opportunities in London and prime provincial markets where we see continued strong demand for the high quality, affordable accommodation we provide," Smith said.

Unite now has 398.1 million shares issued overall.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
UNITE Group PLC 928.00 GBX -1.43 -

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