Growthpoint Properties
(ASX:GOZ) is set to invest $50.87 million into APN Industria REIT (ASX: ADI) in order to maintain its 14.5 per cent stake in the real estate investment trust.
Growthpoint has held a holding in ADI since 2017. The property investment group plans to acquire 14.74 million shares at $3.45 per share, while using existing debt facilities to fund the acquisition.
The shares will be issued as part of APN's equity raising, comprising an institutional placement and institutional rights offer, announced last week. The equity raising will enable APN Industria to acquire interests in a portfolio of 51 industrial properties and development opportunities for $368.2 million. Settlement of shares is expected to occur on 6 October this month.
“We are pleased to invest further capital into ADI, maintaining our strategic position as a major securityholder. We are pleased to increase Growthpoint’s significant exposure to Australian industrial assets to approximately $1.6 billion," said Growthpoint's managing director, Timothy Collyer.
Shares in Growthpoint Properties Australia
(ASX:GOZ) are trading 2.7 per cent lower at $4.12.
