(Alliance News) - Great Portland Estates PLC on Wednesday said it got nearly full acceptances for its GBP350 million rights issue of new shares.

The London-based office building developer had announced the three-for-five rights issue with its annual results late last month. Great Portland had said it would use the fresh equity to make new property acquisitions in the UK capital.

Great Portland on Wednesday said it received acceptances for 147.5 million new shares, 97% of the total on offer, at the offer price of 230 pence each, worth GBP339.2 million.

The stock was up 0.5% to 337.00p early Wednesday in London.

Great Portland said company directors bought just under a million of the shares on offer, including Chief Executive Toby Courtland, who bought 732,036, and Chief Financial & Operating Officer Nick Sanderson, who bought 173,968.

The remaining 4.8 million shares will be placed with investors by underwriters BofA Securities, Deutsche Numis, JP Morgan Cazenove, and Santander. Failing that, the banks will buy the shares themselves.

By Tom Waite, Alliance News editor

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