Australand Property Group’s
(ASX:ALZ) major shareholder has sold a 20 per cent stake of the group to a range of existing and new institutional investors.
Capitaland says when the placement is complete, its interest in Australand will be reduced from 59.1 per cent to 39.1 per cent.
The placement was priced at $3.68 per security, a 1.7 per cent discount to Australand's closing price yesterday, when the shares were sold in an aftermarket book build.
Australand will now become an associated company of Capitaland, which will remain its largest shareholder.
Australand managing director Bob Johnston says the support from new and existing investors significantly increases the group's free float.
Australand delivered a net profit of 99.1 million in the first half of fiscal 2013.
