CHARTER Hall Retail REIT has completed a $100 million institutional placement to fund its acquisition of three sub regional shopping centres in New South Wales.
Last week the trust announced it was buying the Tamworth City Plaza in Tamworth, Dubbo shopping centre in Dubbo and Lake Macquarie Fair and Mount Hutton shopping centre in Lake Macquarie.
The trust issued approximately 29.0 million ordinary units at a fixed price of $3.45 per new unit, reflecting a 2.1% premium to the REIT’s 30 June 2012 NTA).
“We are very pleased with the high level of participation in the placement from both existing unitholders and new investors resulting in the placement being heavily oversubscribed. This demand demonstrates the support for the REIT and the acquisition of the portfolio,” CQR’s fund manager Scott Dundas said.
Units offered under the placement will rank equally with existing ordinary units being fully entitled to the distribution for the six months ending 31 December 2012.
Property Review
