Abacus Property Group completes $250 institutional placement

Company News

by Rachael Jones

Abacus Property Group (ASX:ABP) has successfully completed its first underwritten institutional placement raising $250 million.

This was through the issue of approximately 63.3 million new ordinary stapled securities at an issue price of $3.95 per stapled security.

The group will use the funds raised to pursue more than $710 million of new investment opportunities focusing on office and self-storage assets, both in line with the group's strategic priorities.

Shares in Abacus Property Group (ASX:ABP) trading 3.3 per cent lower at $4.13.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.