British Land said that it intends to raise GBP 500 million or US$745.02 million from its shareholders in order to fund new investment opportunities. It also announced the sale of an office block located in London's financial district for GBP472 million or US$703 million.
The known landlord said that it plans to issue 89.7 million new ordinary shares or 9.99% of the existing capital shares issued for British Land. From the GBP500 million raised, GBP 213 million would fund recent purchases while another GBP150 million for deals already under negotiations.
According to British Land, the desire to raise funding was made from a 'clear acceleration in the flow of opportunities' viewed by its key office and retail sectors in the past year. In a statement, the firm said, "Many of these opportunities are being driven by structural changes as institutions reconfigure their property holdings and smaller competitors look to exit the UK market."
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