LondonMetric raises £120 to invest in logistics

LondonMetric Property has raised £120 million ($149 million) in a share placing, which will be used to invest in a substantial pipeline of long income and urban logistics acquisitions.

The original size of the fundraise was £100 million ($124 million), which LondonMetric then increased to £120 million ($149 milion) in order to allow both the existing and the new investors to participate, according to a May 5 announcement.

The company already has an extensive pipeline of acquisition opportunities and expects to substantially deploy the net proceeds of the placing within three months.

J.P. Morgan Cazenove and Peel Hunt issued 66,666,666 new ordinary shares in LondonMetric at a price of 180 pence ($2.23) per placing share, which represents roughly 7.9 percent of LondonMetric’s issued ordinary share capital prior to the placing.

The placing price represents a discount of 1.5 percent to the closing price on May 4 of 182.7 pence ($2.27) per share.