Wednesday 12th July 2017
|Text too small?|
Kiwi Property Group's retail investors took up half the shares available to them in their component of a planned $161 million capital raise, which the property investor wants to help fund expansion projects in Auckland.
Auckland-based Kiwi Property raised $38 million in the retail component of its one-for-11 pro rata entitlement offer, representing about 50 percent of the 56 million shares available, it said in a statement. That adds to the $80 million raised from institutional investors last month who took up 94 percent of their entitlements. The offer was fully underwritten, and the remaining retail entitlements will be sold via a bookbuild today run by joint lead managers Goldman Sachs New Zealand and Forsyth Barr.
The shares were sold at $1.36 apiece, a discount to the $1.43 trading price at the time of the announcement on June 19, and have slipped to $1.35 since then. Trading in the shares has been halted to conduct the bookbuild.
Kiwi Property wants to use the money raised to help fund expansion projects at its flagship Sylvia Park mall in Auckland, Northlands in Christchurch, The Base near Hamilton, and a longer-term development at Drury, south of Auckland.
No comments yet
Concerns over Government’s intervention in commercial leases
Development Commitment to Bowen Campus Stage Two
Vista Group International Limited - Update on the impacts of COVID-19
AFT secures Maxigesic IV® distribution in four Western European countries and reports Australasian market share gains in COVID-19 medicines
Investore Property Limited (Investore) today announced its financial results for the twelve months ended 31 March 2020 (FY20).
Rabobank GDT Analysis - Event 261
SkyCity Entertainment Group Limited - Update on COVID-19 Impacts and Recent Trading
ANZ announces sale of UDC Finance
Foley Wines Limited Announces Harvest Result, Earnings Outlook and Development in Martinborough