Macfarlanes advises on £110m REIT fundraise

27 June 2024

Macfarlanes has advised Main Market traded regional office specialist Regional REIT Limited on an underwritten open offer to raise £110.5m.

The fundraise, which is conditional upon shareholder approval, is underwritten by Bridgemere Investments. Bridgemere Investments is part of the Bridgemere group of companies established by Steve Morgan CBE in 1996.

Regional REIT will use the proceeds of the fundraise to repay debt and to fund selective capital expenditure on assets.

The transaction was led by corporate and M&A partner Richard Burrows and senior counsel Mark Slade, with assistance from associates Katya Lambert and Sanjana Singh. Partner Jeremy Moncrieff and senior associate Rebecca Rose provided tax input.

Commenting on the deal, Mark Slade said, “We are delighted to have advised on this fundraise, which will increase the strength of the Company’s balance sheet and fund its ongoing value enhancing capital expenditure programme.”

Richard Burrows adds: “We expect to see further issuance in the market as existing debt terms expire and need to be refinanced.”