GREEN Property has successfully completed the rights issue to raise £29.8 million. Some 97.8 per cent of the shares on offer were taken up and those not taken up have been sold in the market at 235p each, a premium of 35p over the issue price. The balance, net of commission, will be distributed to the non accepting shareholders. The rights issue was on the basis of one new share for every three shares at a price of 200p a share.

The funds raised will be used to partly fund the acquisition of a British property portfolio for £37.1 million sterling. The issue was fully underwritten by Ulster Bank Capital Markets. Following the acquisition, and the fund raising, gearing will rise marginally from the end 1995 level of 75 per cent.