Trinity has completed a $75 million capital raising for its unlisted Trinity Property Trust.
The placement, which opened on July 2006, was originally targeting $61.5 million through the issue of 50 million units at $1.23 each.
Trinity’s chief executive Ben McCarthy said the raising attracted subscriptions from eight wholesale funds, several who have been long term investors in TPT.
“The wholesale placement program attracted $13.5 million above our goal which we believe demonstrates market recognition of TPT’s history of achieving healthy returns, consistently above industry benchmarks.
“The proceeds from the raising will be used to lower TPT’s gearing and for further investments,” he added.
McCarthy said the proceeds will also allow TPT to remain a cash buyer which is a critical advantage in the current market where competition for quality property remains fierce.
TPT’s assets under management have grown to approximately $525 million, with the trust continuing to pursue its geographic and sectoral diversification with the purchase of a total of 13 properties during FY06.
By Adam Parsons
