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Commercial Property News
Metric meets Reit target
Metric Property Investments has raised £175 million of funding ahead of its floatation on the London Stock Exchange (LSE) as a real estate investment trust (Reit) later this week.
The firm, which specialises in retail commercial property, exceeded its initial target by £25 million through the issuing of shares prior to its placement on the LSE on March 24th.
It is expected the money will be used by Metric to invest in business property in the retail sector and chief executive Andrew Jones noted the "extensive re-pricing and re-financing pressures" in this market will "present opportunities" for Metric to create returns for its shareholders.
He added the support the firm got for its fundraising - which had an initial target of £150 million - is an indication of the "compelling investment proposition" it offers.
A report released by Jones Lang LaSalle earlier in the year showed the UK was one of four countries that dominated the European retail commercial property investment market during the final three months of 2009.
The firm, which specialises in retail commercial property, exceeded its initial target by £25 million through the issuing of shares prior to its placement on the LSE on March 24th.
It is expected the money will be used by Metric to invest in business property in the retail sector and chief executive Andrew Jones noted the "extensive re-pricing and re-financing pressures" in this market will "present opportunities" for Metric to create returns for its shareholders.
He added the support the firm got for its fundraising - which had an initial target of £150 million - is an indication of the "compelling investment proposition" it offers.
A report released by Jones Lang LaSalle earlier in the year showed the UK was one of four countries that dominated the European retail commercial property investment market during the final three months of 2009.
Mon, 22nd Mar 2010