The newly listed Investec Australia Property Fund (ASX:IAP) is seeking a fully underwritten institutional placement to raise approximately $84 million at an issue price of AUD1.52 per unit.
It’s to fund the Acquisitions and part of the associated transaction costs
The company has also acquired a portfolio of three industrial properties from Charter Hall Prime Industrial Fund for a total purchase price of $81 million with an initial yield of 7.3 per cent.
The properties are in Western Australia, South Australia and Northern Territory and leased to agribusinesses Milne Feeds and Australian Wool Handlers and road and freight business Northline.
Shares in Investec Australia Property Fund (ASX:IAP) last traded at $1.58.