Investec (ASX:IAP) completes $84 million placement

Company News

by Katrina Bullock

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.

Katrina Bullock

Finance News Network
Katrina is a respected TV journalist, as well as a renowned presenter and award winning lawyer. She holds a Bachelor of Laws (Honours 1st class, division 1), a Bachelor of Business (with Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She began her career as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel of Greenpeace Australia Pacific. In 2020 Katrina was named one of the 30 best lawyers in Australia under 30 by Lawyer's Weekly.