Clipstone raises more than £40m
Clipstone Logistics REIT plc has raised £40.5 million from institutional and high net worth investors.
The company now has a fund size in excess of £90 million, including debt, and has been admitted to the Channel Islands stock exchange.
Clipstone has acquired five properties, including four distribution warehouses, which are expected to produce rents of approximately £4.3 million per year. It is targeting a dividend of 7% per annum.
Clipstone Logistics REIT plc has raised £40.5 million from institutional and high net worth investors.
The company now has a fund size in excess of £90 million, including debt, and has been admitted to the Channel Islands stock exchange.
Clipstone has acquired five properties, including four distribution warehouses, which are expected to produce rents of approximately £4.3 million per year. It is targeting a dividend of 7% per annum.
Toby Dean, managing director of Clipstone Land, the company’s investment manager, said: “By listing on the Channel Islands stock exchange we have obtained significant cost savings, which will lead to higher returns for our investors, as evidenced by the 7% target dividend.
“The second half of 2014 saw the highest levels of stock in our sector that we have seen since 2008 and, if these high levels of stock create opportunities in the markets in which we operate, we will consider a further fundraising in order to capitalise on such opportunities.”
