West End landlord Shaftesbury has announced a new share placing to raise up to £265m.
The placing of 27,855,508 new ordinary shares, representing approximately 9.98% of the current issued share capital of the company, will be used to finance the acquisition of 72 Broadwick Street for £92m with additional anticipated capital expenditure of approximately £20m. It will also fund the acquisition of a long-leasehold interest in 90-104 Berwick Street for £41m and provide further firepower for acquisitions over the following six months.
Chief executive Brian Bickell said: “We are pleased to have secured the important, strategic ownership of 72 Broadwick Street, in the centre of Carnaby. It offers exciting opportunities to reconfigure space on the lower floors to provide new restaurant and retail space, adding to Carnaby’s renowned variety of shops, restaurants and leisure choices. The upgraded office and residential accommodation will benefit from their proximity to the new Crossrail ticket hall on Dean Street and Broadwick Street’s growing profile and footfall as a major east-west route in Soho.
“Securing additional equity will support the continuing expansion of, and investment in, our exceptional portfolio located in the heart of London’s West End.”