Shaftesbury to raise £100m

West End specialist Shaftesbury plc has announced a £100m share placing to take advantage of opportunities coming to the market in its core West End locations. The Real Estate Investment Trust said it was placing 22.7m new shares, representing just under ten per cent of the current issued share capital of the company. It will use the money to invest in its “villages” around Soho and Chinatown. Shaftesbury is widely regarded as one of the shrewdest operators in the white hot West End market and this fund raising will give it significant firepower at a time when the banks are beginning to address their distressed property book.

 

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