Parkway Life REIT raises $180m in oversubscribed private placement

It will use part of the proceeds to fund the acquisition of 11 nursing homes in Europe.

Parkway Life REIT's (PLife REIT) private placement was oversubscribed, receiving strong demand from new and existing institutional and accredited investors.

Under its private placement, the REIT will issue 47.4m new units at $3.80 apiece.

It expects to raise gross proceeds of $180.0m from the private placement.

The REIT will use 88.8% of the total gross proceeds, or $159.9m, to fund the acquisition of 11 nursing homes in France.

PLife REIT will allocate the remaining 11.2%, or $20.1m, for professional and other fees related to the Private Placement and Acquisition.

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