Abacus Property (ASX:ABP) competes $200m placement

Company News

by Lauren Evans

Abacus Property (ASX:ABP) has raised $200 million via an institutional placement announced yesterday.

Abacus issued around 59.2 million new new stapled securities at $3.38 per share. The company said proceeds will be used to replenish investment capacity in acquisitions yet to settle, and into the development of its self storage portfolio.

The securities will rank equally with existing Abacus stapled securities. The placement is within Abacus’ existing 15 per cent capacity and does not require security holder approval.

“We thank our existing securityholders for their ongoing support and welcome a number of new institutions to the Abacus register which is expected to increase free float market capitalisation and improve Abacus’ index ranking and liquidity,” said said managing director Steven Sewell.

Separately, Abacus has planned a security purchase plan for eligible Abacus security holders to acquire up to $30,000 of new stapled securities at the same price as the new issue, free of any brokerage or transaction costs. The SPP will not be underwritten and is expected to raise up to $15 million.

Shares in Abacus Property (ASX:ABP) are trading 5.6 per cent lower at $3.36. 
 

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