The equity raising, announced on 30 October this year, is comprised of a $50 million institutional placement and a $100 million renounceable rights offer with an offer price of $2.45.
The capital from the equity raising will be applied to the Ravenhall acquisition and the progress and completion payments for the Victorian Industrial Portfolio.
Growthpoint is an A-REIT that invests in properties close to key infrastructure such as CBDs, ports, airports and major arterial road networks.
It currently owns 47 properties throughout Australia’s mainland states, worth $1.8 million in total.
The legal practice Allen & Overy advised Merrill Lynch on the equity raising.
Prior to this latest transaction, Allen & Overy also advised on the $334 million initial public offering of Steadfast Group Limited jointly managed by J.P. Morgan Australia and Macquarie Capital, the US$250 million Macquarie Tier 1 exchangeable ECS issue and the US$225 Lynas Corporation issue of unsecured convertible bonds.
