Property investment group Green REIT has secured the placement of new shares as part of a plan to raise €400m in capital.

Earlier this month the trust, which floated on the Irish Stock Exchange and London Stock Exchange last year, announced plans to issue almost 357 million new ordinary in order to raise additional capital for its investments.

Open offers for the new shares, which were priced at €1.12, closed yesterday morning with over 192 million being placed in the process.

The remaining 75 million open offer shares will now be allocated to investors with which they had been conditionally placed, while a further 89 million are to be allocated through the firm placing.

Issuing the new shares is conditional upon the approval of existing shareholders at an Extraordinary General Meeting, which is due to take place on Thursday.

Green REIT shares on Dublin’s ISEQ closed at €1.21 yesterday evening.