Segro wins support for its take over fund raising
PROPERTY group Segro yesterday said it has received 86.53 per cent take-up for its share placing and open offer to raise £250m.
The group, which is raising money to secure the takeover of its rival Brixton, said it had received valid acceptances in respect of 51.5m shares. The remaining 13.47 per cent that has not been taken up will be allocated to the investors with whom they have been conditionally placed.
It said the company’s directors have taken up their entitlement under the open offer in full.
The industrial property developer, which earlier agreed a deal worth £109.4m for indebted rival Brixton, said that after acquiring Brixton in an all-share deal it expected to generate £12m of synergies a year from the start of 2010. This will entail some job cuts.
The merger will create Europe’s largest industrial real estate company, with a portfolio of £5.5bn.