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The retirement income gap no-one is talking about

People are living longer than ever before and this can impact how you plan for retirement

Investors shy from Schroders European REIT cash call

Reuters - UK Focus

Oct (HKSE: 3366-OL.HK - news) 28 (IFR) - Investors have responded poorly to a cash call by Schroders European REIT, subscribing for £15m of new shares when the company said it needed nearer 100m to take advantage of any corporate moves from the UK to Europe.

Shareholders subscribed for 12.5m new shares at 120p per share, which is the bottom of a 120p-123p range set on October 10.

The company said its current near-term investment pipeline is approximately 150m, but it has 45m available for investment.

Schroders European REIT has fully deployed all the equity raised in its December IPO (151.7m) into commercial real estate assets in cities including Paris, Hamburg, Frankfurt, Berlin and Stuttgart.

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Non-executive chairman Sir Julian Berney said the company will use moderate leverage to supplement the existing cash and fresh capital to grow.

The placing was managed by Numis and PSG Capital. There was no underwriting. (This story will appear in the October 29 issue of IFR Magazine; Reporting by Graham Fahy)