LONDON (ShareCast) - London's West End-focused property firm Shaftesbury (LSE: SHB.L - news) said it has 98.17% take-up of its fully
underwritten £149.1m rights issue.
The group said it received valid acceptances in respect of 88.6m shares. Joint bookrunners JP Morgan Cazenove and Merrill Lynch (NYSE: MER - news) will be seeking subscribers for the remaining 1.6m new shares.
Shaftesbury plans to use the proceeds to acquire further properties in its chosen locations within London's West End.
The group believes the current unsettled property markets represent an "exceptional opportunity" to snap up properties that would not normally be offered for sale when the economic outlook is more buoyant.
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