Shopping Centres Australasia (ASX:SCP) has kicked off its unit purchase plan offer, eligible shareholders have the opportunity to apply from $5000 to $15 000 worth of new ordinary units in the company without incurring brokerage.
The real estate investment trust hopes to raise around $50 million via the offer which will go towards the company's acquisition of ten convenience based shopping centres for $573 million.
The acquisition represents a material and strategic acquisition for SCA and makes the company the largest convenience based shopping centre in Australia.
An institutional placement was successfully completed earlier this month, raising $262 million.
Shares in Shopping Centres Australasia (ASX:SCP) are trading 0.20 per cent lower to $2.52.