London & Stamford to raise £226m more equity

The quoted opportunistic firm is planning to boost its equity by £219.5m via another share offer.

London & Stamford, the listed UK opportunistic property hopes to raise fresh funds to continue its spending spree in the UK by raising more capital through a share placing on London’s junior stock exchange.

The London-based firm, led by UK investment veterans Raymond Mould and Patrick Vaughan, said in an announcement today that it wanted to raise approximately £219.5 million ($355.5 million; €255.9 million), net of expenses, by issuing 215 million new shares at 105p.

London & Stamford has been on a buying spree this year having raised its first round of equity via its IPO in 2007.

Acquisitions include a £19.6 million warehouse in Wellingborough last month, a £74 million office in central London in January and a £37 million outlay for a 50 percent stake in the freehold of a shopping centre near Sheffield.

Mould said in a statement: “This fundraising, which has been heavily oversubscribed, is essential to maintain London & Stamford’s acquisition capability, enabling us to continue to create value for our shareholders through the acquisition of high quality assets on attractive terms.”

“These additional funds give us further firepower to take advantage of the exceptional buying opportunities available,” he said.