THE Singapore Exchange-listed AIMS Property Securities Fund has increased its stake in the 492 St Kilda Rd to 49.9%.
AIMS Property Securities Fund (APW), formerly MacarthurCook Property Securities Fund, increased its interest in the AIMS Property Fund (St Kilda Rd) (APF), a single asset closed end unlisted property fund that owns a 13 level office at 492 St Kilda Rd.
Prior to the entitlement offer APW held 3,500,000 units in the fund which represented 18.95% of units on issue.
However recently APF closed a 15 for 10 non-renounceable entitlement offer, to raise funds and reduce the fund’s gearing ratio from 73.9% to around 50%.
New Units in APF have been issued at 24.5 cents per new units which represents a 26.9% discount to the Net Tangible Asset (NTA) per unit as at 30 June 2013.
Under the Offer, APW acquired a total of 18,991,375 new units, taking its total holding to 22,491,375 units in APF which is equal to 49.9% of the units on issue.
The pro forma NTA for APF is approximately 28.4 cents per unit.
Property Review
