Centuria Industrial REIT (ASX:CIP) to raise $140 million

Company News

by Rachael Jones

Centuria Property Funds No.2 as Responsible Entity for Centuria Industrial REIT (ASX:CIP) has launched a fully underwritten institutional placement to raise $130 million and a non-underwritten Unit Purchase Plan to raise approximately $10.0 million.

New units will be offered at a price that will be determined via a book build process today (subject to an underwritten floor price of $2.54 per unit).

The underwritten floor price represents an 8 per cent discount to the Centuria Industrial REIT (ASX:CIP) closing price of $2.76 per unit on Wednesday.

The proceeds will be used to strengthen the company's balance sheet and increase headroom for the company's debt covenants.

Shares in Centuria Industrial REIT (ASX:CIP) are in a trading halt - Last traded at $2.76.