Investec Australia Property Fund (ASX:IAP) has announced the successful completion of its fully underwritten institutional placement to raise $84 million.
It issued over 55.5 million new fully paid ordinary units at an issue price of $1.52 per unit.
The proceeds of the Placement will be used to fund the acquisition of three industrial properties for around $81 million.
IAP units are expected to recommence trading on the ASX from market open today. IAP CEO, Graeme Katz, said, “We are very pleased with the strong support we have received from institutional investors and are looking forward to delivering on our strategy of growing IAP’s asset base by investing in good-quality income-producing properties.”
Shares in Investec Australia Property Fund(ASX:IAP) are trading 2.9 per cent lower at $1.54.