Stockbrokers Moelis and Shaw and Partners are seeking buyers for securities in 360 Capital Total Return Fund.

The brokers have underwritten a $10.8 million raising, which was to be done via an institutional placement at $1.18 per unit.

The deal was priced in line with the five-day VWAP, according to terms sent to fund managers, and implied a 7.6 per cent forecast annualised distribution yield.

Funds raised were to support 360 Capital Total Return Fund's non-bank lending activities. It came soon after the fund reached first close on $32.8 million of senior first mortgage debt deals, including a $23.1 million first mortgage financing of seven childcare centres leased to Affinity Education.

It also came as the fund announced it would merge with fellow listed property play URB Investments Ltd via a scheme of arrangement.

Article source: AFR, 14 October 2019