Radnor advises PILR on successful £53m fundraising
Radnor Capital Partners is pleased to announce the successful conclusion of the £53m placing by Pacific Industrial & Logistics REIT plc (PILR.L). Radnor acted as Capital Advisor and Placing Agent, raising £28m of capital.
Across two fundraisings, Radnor has now delivered in excess of £36m of fresh equity capital from a broad range of investors. This has resulted in a well-diversified and liquid shareholder register capable of supporting PILR's future growth.
This fundraising is the next step in PILR's strategy to create an institutional quality portfolio delivering superior total returns from the last-mile, small box distribution and logistics sector. Previously, this sub-sector has been ignored by institutional investors creating an opportunity to secure assets at attractive initial yields with significant asset management potential to grow returns. The proceeds of this placing will be used to fund the off-market purchases of regional distribution and logistics assets within the next three months. PILR's portfolio is expected to be in excess of £110m following these acquisitions.
“I would like to thank the team at Radnor for their significant contribution to this fundraise. This is the second transaction we have worked on with Radnor. Throughout the process they were wholly focused on helping us achieve our goals.”
Richard Moffitt - CEO, Pacific Industrial & Logistics REIT
"This transaction is further evidence that Radnor’s broad investor relationships can be a significant source of equity capital. Since IPO, PILR has raised £76m of new equity to which Radnor has contributed significantly."
Joshua Cryer – Radnor Capital Partners
Pacific Industrial & Logistics REIT plc is an AIM listed real estate investment trust (PILR.L, market cap £84m). The investment strategy is focused on smaller single-let industrial and logistics properties in key geographical locations. Income and capital returns will be generated by identifying and acquiring good quality and attractively priced assets. PILR's managers will focus on active asset management opportunities against the backdrop of an under-invested sector with excellent fundamentals. PILR is externally managed. PILR's website can be found at www.pacificil.com.
Radnor Capital Partners is a Capital Advisory firm bridging the gap between companies and untapped capital. We identify and deliver relevant and new investor demand to our clients in a time effective way. We are authorised and regulated by the FCA. Our website can be found at www.radnorcp.com.
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