Capital & Regional PLC, a leading UK-focused REIT specializing in community shopping centres, has announced the successful closure of its Open Offer.

Earlier this month, on 10 August, the company had unveiled its plans to acquire The Gyle Shopping Centre. This ambitious acquisition was set to be partially funded by an open offer aiming to raise a gross amount of approximately £25 million. The details of this Open Offer were meticulously laid out in a prospectus released by the company on the same day.

The response to the Open Offer was overwhelming. Valid acceptances were received for about 34,697,047 shares, which constitutes nearly 75% of the available shares under the offer. In light of this, Growthpoint, the largest shareholder of the company, stepped in to subscribe for the remaining shares. This move increased their total participation in the Open Offer to an impressive 87.40%. Consequently, Growthpoint’s stake in the company will now stand at a dominant 67.64%.

With this successful capital raising, Capital & Regional is set to issue a total of 46,278,681 new Ordinary Shares, effectively raising the targeted £25 million.

All qualifying shareholders who have validly applied will receive their full entitlement as per the terms detailed in the prospectus. However, it’s essential to note that the capital raising is still conditional upon certain terms, including the unconditional agreement of the Sponsor and Open Offer and the effective Admission.

The company has already sought approval from the Financial Conduct Authority for the Open Offer Shares to be listed on the premium segment of the Official List. Trading of these shares is expected to commence on the London Stock Exchange and the JSE on 4 September 2023.

Once issued, the Open Offer Shares will have equal rights with the existing Ordinary Shares. Post-admission, the company’s total issued share capital will comprise 219,823,735 Ordinary Shares.

Shareholders are advised to keep this figure in mind for any future calculations related to their interests in the company, as per the guidelines of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.