Stockland
(ASX:SGP) has raised $400 million via a fully underwritten institutional placement.
The property group says the placement was over-subscribed with support from both domestic and offshore investors.
Stockland Managing Director Mark Steinert says proceeds will fund the group’s $1.5 billion retail pipeline and will also help repay debt to reduce its balance sheet gearing by 3 per cent.
Mr Steinert says the capital will be used to fund its initiatives highlighted in the group’s strategic review such as the $116 million redevelopment of the Hervey Bay Shopping Centre in Queensland.
Under the strategic review, Stockland plans to grow its industrial property portfolio.
Stockland posted a net loss of $147.1 million for the first half of the current financial year.
