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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.