Chelsfield to float shares

CHELSFIELD, the property group chaired by Elliott Bernerd, has unveiled plans to raise pounds 110m from a stock market listing that will value the company at up to pounds 250m.

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.