Villa World Limited
(ASX:VLW) has raised $27.2 million through an institutional placement, following strong demand from investors.
Villa World, which was formerly known as GEO Property Group, went into a trading halt yesterday ahead of the placement being launched.
According to media reports, the company raised about $10 million more than was originally expected due to increased confidence in the residential property market and Villa World's solid results for the 2013 financial year.
Villa World has undergone a significant turnaround in the past 12 months with its shares rising from 76 cents at the end of the 2012 calendar year to the $1.60 offer price.
The raising will allow Villa World to fund its acquisition of the Capalaba project near Brisbane as well as other developments.
