UK warehousing group Segro has raised £680m from a new share placing to fund the acquisition of new online distribution facilities.
Segro said the move announced to the City before the end of trading yesterday would allow it to better tap into the consumer shift to online shopping exacerbated by the coronavirus lockdown.
The property group said that “well established structural trends in adoption of technology and e-commerce are accelerating” and as a result would be looking to invest more than £1bn in capital into “profitable development activity and further land acquisitions” during the remainder of 2020 and 2021.
Segro, which on Monday completed the £203m acquisition of Perivale Park in West London, said some of the equity raised would also be used to take advantage of “additional investment opportunities” in Europe.
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