Westbury Property fund issue new shares to raise £60m

The Westbury Property fund is seeking to raise £60m via a placing and open offer of new ordinary shar...

The Westbury Property fund is seeking to raise £60m via a placing and open offer of new ordinary shares. The fund is a £198m closed-ended property investment fund domiciled in Guernsey and listed on the London Stock Exchange as a property investment company. The group is issuing 42,857,143 new ordinary shares at 140p per share to help it invest in port operations at Weston Point in Runcorn, Cheshire. Chief executive of Berrington, which manages the fund, Richard Burrell, is also intending to broaden its investment policy and reposition itself as a commercial property and ports business....