Kiwi Property Group Ltd raised a gross $180 million on Wednesday from a fully underwritten placement yesterday, and opens a $20 million retail share offer today, with the ability to take another $10 million in oversubscriptions.
The price for both placement & retail offers is $1.58/share.
The company said a broad range of existing & new institutional investors, both local & offshore, supported the placement.
Kiwi Property chair Mark Ford said the company would use the proceeds to pay down bank debt and reduce gearing, providing the financial flexibility to progress developments at locations including Sylvia Park, LynnMall, The Base and in the longer term at Drury, and to respond to new acquisition opportunities as they arise. The approximately $200 million of new equity will reduce gearing to 27.4%.
Attribution: Company release.