Swip aims to raise £110m through share issue

Scottish Widows Investment Partnership (Swip) is aiming to raise £110m through a new share issue on its UK Balanced Property trust. The Balanced Property Trust, a close-ended company that is 100% invested in commercial property, was launched in March 2002 and shares gained 3.67% to the end of December 2002. As at 30 December, the Balanced Property Trust was £214m in size. Balanced Property Trust is domiciled in Guernsey and listed on the London and Channel Island Stock Exchanges. A prospectus for the new share issue will be available in February and new ordinary shares will be issued at 102p.