REI to acquire with £15m placing
Birmingham property company Real Estate Investors (REI) has announced plans to expand by raising £15m through a new share placing.
Paul Bassi's company said it hoped the placing would provide REI with resources to capitalise on acquisition opportunities.
In a statement, the company said it was looking to "significantly grow" its portfolio by purchasing prime and quality secondary properties.
The company said it was looking for West Midlands-based acquisitions from "motivated vendors".
REI said it had been in discussions in relation to a pipeline of opportunities worth about £50m.
Up to 272,727,277 new ordinary shares will be issued at a price of 5.5p each.
Paul Bassi, chief executive of REI, said: "It is our objective to capitalise on opportunities that are available to us in the Midlands property market and significantly grow our portfolio within the next six to 12 months."
Liberum Capital is acting as broker and Smith & Williamson as nominated adviser in relation to the placing.
REI said a further announcement regarding the placing will be made in due course.
