West End landlord Shaftesbury has raised £307m in new capital following a share placing.

Last month, the landlord announced details of a capital raise to raise gross proceeds of approximately £297m by way of a firm placing and placing and open offer and additional gross proceeds of up to approximately £10m by way of an offer for subscription, at 400p per share.

After closing yesterday, Shaftesbury announced the gross proceeds of the raise, which includes the additional £10m.

The company has received valid acceptances from qualifying shareholders under their basic open offer entitlements in of 89.8% of the open offer shares.

The capital raise is conditional on the approval of the resolutions by shareholders at the company’s general meeting to be held later.

The new shares will rank side by side with the existing shares, including the right to receive dividends or distributions.

Following admission, the number of shares that the company has in issue will be 384,167,537.