Wragge Lawrence Graham & Co has advised real estate investment trust Empiric Student Property on a £65.6 million secondary fundraising.

The funds were raised through the placing and offer for subscription of shares at 101 pence each. The new shares will be listed today (Monday, 24 November).

Investment funds specialist, partner John Reed led the Wragge Lawrence Graham & Co team, with assistance from corporate solicitor Emily Troubridge.

John Reed said: "This latest transaction is part of an ongoing share issuance programme under which Empiric has the authority to issue up to 300 million shares. The prospectus stays live for 12 months, giving our client the ability to undertake separate tranches of equity fundraising during this period. It also gives them the flexibility to undertake placings, offers for subscription and open offers as required.

"Empiric has become a new player in the strong UK student accommodation investment sector and we look forward to supporting their impressive growth."

The proceeds will be used in accordance with Empiric's investment policy which is to acquire, or fund the development of, high-end student accommodation assets let on direct tenancy agreements to tenants enrolled with higher education institutions.

This is one in a series of significant transactions Wragge Lawrence Graham & Co has completed on behalf of Empiric Student Property this year, having advised on its £85 million admission to the UKLA Official List and trading on the London Stock Exchange's Main Market in June.

Wragge Lawrence Graham & Co's 60-strong Corporate team has extensive experience across the full spectrum of corporate advice, including equity capital markets on AIM and the Full List, investment funds, private equity and both public and private mergers and acquisitions.