APN Convenience Retail (ASX:AQR) $38M raising

Company News

by Ortenzia Borre

Real estate giant APN Convenience Retail (ASX:AQR) is seeking to raise $38 million via an institutional placement to acquire 13 service station and convenience retail properties across the country.

Raising proceeds will be used to partially fund $74.6 million of the proposed aquisitions in South Australia, Western Australia, Queensland and Northern Territory.

The acquisition portfolio comprises 11 brand new or under construction strategically located sites plus 2 established sites leased to high quality operators and introduces new high quality tenants to the Fund’s portfolio including BP Australia.

Shares in APN Convenience Retail (ASX:AQR) were placed on a trading halt this morning and last traded at $3.52.