Estate agents Belvoir have revealed plans to buy-up Northwood for up to £22m
Estate agents Belvoir have revealed plans today to buy-up Northwood for up to £22m.
The acquisition is partly being funded by a placing of new ordinary shares in Belvoir at the price of 112p per share, hoping to raise £2.5m.
The placing is being done through an accelerated bookbuild process to be launched immediately. Cantor Fitzgerald Europe is acting as the bookrunner for the firm.
Cantor Fitzgerald Europe will agree the final number of shares to be placed, and will decide the timing of the bookbuild and allocation of the shares.
The acquisition boost Belvoir's national presence with 86 more outlets and follows acquisitions of Newton Fallowell and Goodchild's last year.
Mike Goddard, chief executive of Belvoir, said: "This is an exciting milestone in our growth, considerably expanding the size of the group.
"This acquisition, which is in line with our multi-brand strategy to grow both organically and by acquisitions, will substantially increase the group's presence throughout the UK."
The news follows other merger activity in the property market so far this month; CBRE group recently expanded into the luxury end of the UK property market with the acquisition of Michael Horwitz & Company, a firm specialising in the luxury goods retail sector.