Abacus Property Group has completed a $60 million capital raising.
The placement of 36.6 million securities was issued at a price of $1.64.
Proceeds of the capital raising will be used to lower the group’s gearing from 40% to 34%, and position it to take advantage of numerous property acquisition opportunities that it is currently working on, for both its property and funds management businesses.
The placement is subject to securityholder approval and a meeting will be convened in late November.
Following completion of the capital raising, the Abacus Property Group will have a market capitalisation of approximately $930 million, which is underpinned with net tangible assets of $1.25 per security.
By Kathryn O’Meara
