Sigma raises £8m to target property developments

Property developer Sigma Capital today said it has raised £8 million through an oversubscribed share placing to help it target large-scale schemes.

The Edinburgh-based firm said the placing, priced at 70p a share, will also strengthen its balance sheet and give key customers – such as the UK government and housebuilders – confidence in its abilities to take on large developments.

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Chief executive Graham Barnet said: “This share placing helps to support Sigma’s growth ambitions and I am delighted that it has been so well supported by both existing and new shareholders.

“There is an urgent need for new homes in the UK and we believe that Sigma is very well positioned to assist in the delivery of substantial numbers of new homes.”