City Lofts chief executive Stuart Wright said: "Over the course of the next year we will invest the money in schemes based at Leeds, Liverpool, Cardiff and Salford Quays."
Wright added: "We are delighted the placing [of shares] has been so successful and that the company will have a high quality institutional share base."
Going public also netted City Lofts shareholder Conran about £3m, tripling his initial investment in April. The £3m is made up of the loan repayment plus interest and a 3.4% stake in the floated company.
City Lofts has eight inner-city developments in progress, which are expected to generate £193m of revenue for the financial years ending 31 March 2005 and 31 March 2006. More than a quarter of its 966 residential units under development have exchanged contracts, with 116 flats reserved or under offer.
We are delighted the company will have a high quality institutional share base
City Lofts chief executive Stuart Wright