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.