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Friday, March 19, 2010

Metric Property Exceeds Fundraising Target, Raises GBP175 Million

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By Rachael Gormley
Dow Jones Newswires
     

    LONDON -(Dow Jones)- U.K. retail property investor Metric Property Investments PLC Friday said it has raised GBP175 million in its placing, beating its initial target of GBP150 million, and said it plans to list on the London stock exchange March 24.

    Chief Executive Andrew Jones said the company expects opportunities to buy retail property to come along due to the "extensive re-pricing and re-financing pressures" in the market.

    At the issue price of 100 pence a share, Metric's expected market capitalization on admission will be GBP175 million.

    Oriel Securities and J.P. Morgan Cazenove are acting as joint sponsors, financial advisers and bookrunners.

    Copyright © 2009 Dow Jones Newswires

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