Capital & Counties (CCO) said on Thursday that it plans to place up to 62.1 million new ordinary shares of 25 pence in the capital of the company, representing approximately 9.99% of the company's issued share capital, to fund acquisition opportunities at Covent Garden.

The company said its strategy of improving rental levels at Covent Garden is ahead of plan and the Board sees further opportunities to extend this strategy through further near-term acquisitions across the estate

Proceeds of the placing would predominantly be used to fund acquisitions and also the ongoing repositioning of assets at Covent Garden, it said.

Source: I-Net Bridge