ING Real Estate Entertainment Fund raised $40 million through an institutional placement of new units in IEF.
The placement proceeds will be used to retire existing debt following recent acquisitions by IEF, including the Panthers portfolio.
The placement was made to new and existing institutional investors, with new units being issued at a price of $1.24 per unit.
IEF’s chief executive Daniel Hargraves said the response from existing institutional investors was very encouraging, allowing the placement to be upscaled from $30 million to $40 million.
Australian Property Journal
