Property investor Mirvac Group
(ASX:MGR) has completed a $350 million institutional placement announced yesterday.
The company placed 250 million shares at a fixed price of $1.40 a share.
Managing director Nick Collishaw says the company is pleased with the strong support shown from institutional investors and says the company is now well positioned to fast track its existing commercial and residential development pipelines.
Yesterday the company revealed that it was in exclusive talks with Westpac for the possible acquisition of Westpac Office Trust.
Mirvac says the institutional placement was significantly oversubscribed with demand from both existing and new Australian and international investors, consequently the company has had to scale back bids.
As previously announced Mirvac also intends to offer eligible shareholders the opportunity to purchase shares through a security purchase plan to raise up to $150 million at a price of $1.40 a share.
Mirvac Group posted a loss of over $1 billion in fiscal 09.
