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Harworth to raise £27.8m war chest

Harworth to raise £27.8m war chest

Harworth Group, the logistics property specialist, has today announced moves to raise a £27.8m war chest.

The stock exchange placing is intended to fast-forward growth of its strategic land bank.

Harworth recently entered into four option agreements to acquire, in aggregate, approximately 200 acres of strategic land. They expect to see 600,000 sq. ft. of new commercial space.

The placing helps fund options to buy and fund the first three years of expenditure on planning, remediation and infrastructure works, and further site assembly.
Harworth already has 10.4m sq ft of consent commercial floorspace.

Owen Michaelson, Harworth Chief Executive , said: “An important part of our strategy is to replenish our land and property portfolio, both by securing new recurring income streams and to grow and expand our strategic land bank.”

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