About pounds 50m of the capital is being raised via a placing and intermediaries offer and pounds 45m from shareholders.
Mr Bernerd announced his intention to float Chelsfield last year when new shareholders, including P&O, British Land and M&G, were brought on board after a pounds 65m placing. They will keep their holdings and Mr Bernerd will retain about 30 per cent of the company.
Chelsfield is buying a portfolio of retail and industrial properties from the Allied-Lyons Pension Fund for pounds 30.6m. This will be partly financed by the issue of pounds 15m worth of shares, giving the fund a 6 per cent stake.Reuse content