Life Science REIT raises £350m
Life Science REIT has raised £350 million in an initial public offering. New ordinary shares were issued at £1 each and the company has made an application for 350 million shares to be admitted to AIM.
The company stated that it received applications exceeding the £350 million maximum size of the issue and a scaling-back exercise has been undertaken.
Claire Boyle, chair of Life Science REIT, said: “We are delighted to see such strong support from a broad range of institutional and retail investors for the issue, the proceeds of which will enable the company to begin investing in an extensive pipeline of projects. We welcome all of our new shareholders and look forward to updating them on the deployment of the IPO proceeds.”
Simon Farnsworth, managing director of Ironstone Asset Management, the company’s investment advisor, commented: “This is the largest London-listed UK REIT IPO since 2016 with its success underlining the significant opportunity we have identified in the UK life science property sector, which is not currently represented by a specialist business on the public markets. We will now act swiftly to advance the pipeline of income-producing opportunities and exciting development opportunities currently under exclusivity or in advanced negotiations. We look forward to updating the market in due course.”
Jefferies acted as joint global coordinator and joint bookrunner.
Date published: November 23, 2021