The Growthpoint Properties Australia Ltd (ASX: GOZ) share price is down 2.7% after completing its institutional capital raising.
Growthpoint Properties owns and manages investment properties, it owns 57 office and industrial properties throughout Australia that are collectively worth approximately $3.8 billion. The business aims to diversify over time by asset class, geography and tenant exposure.
Growthpoint Capital Raising
Growthpoint announced that it has successfully completed its fully underwritten placement to professional investors at a price of $3.97 per share, raising around $150 million.
The raising price was at a 4.2% discount to the distribution-adjusted last closing price on 26 June 2019. The proceeds will be used to fund acquisitions whilst maintaining gearing at or below the lower end of its target range.
Growthpoint Managing Director Timothy Collyer said: “We are pleased to welcome new institutional investors onto Growthpoint’s register through the placement, and are delighted with the support shown by existing Growthpoint investors.
“We look forward to delivering long-term value for our new and existing Growthpoint securityholders.”
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