Shaw and Partners appointed as Joint Lead Manager to the capital raising by Abacus Property Group News23 Jul 2019

Shaw and Partners has been appointed as Joint Lead Manager to a capital raising by Abacus Property Group (ASX.ABP) alongside Macquarie Group.

 

The offer is a fully underwritten placement (by both Macquarie and Shaw and Partners) of approximately 63.3 million new stapled securities, at an issue price of $3.95 per stapled security to raise $250 million.

 

The issue price represents a 7.5% discount to last close price of A$4.27 on 23 July 2019 and a 6.0% discount to 5-day VWAP of $4.20 to 23 July 2019.

 

The proceeds will initially be used to repay debt and provide balance sheet flexibility to pursue a number of potential value-accretive identified opportunities in excess of $710 million in FY20 in line with Abacus' strategic priorities:

 

  • Australian Unity Office Fund
  • Self Storage acquisition and development pipeline
  • Church Street development JV with Salta Properties
  • Sydney CBD Office acquisition of a minority interest

 

Abacus Property Group is a leading diversified property group that invests in real estate opportunities to deliver enhanced returns. Abacus was established in 1996 and listed on the ASX in 2002. Abacus has a market capitalisation of $2.2 billion.

 

The offer is available to Australian resident Sophisticated and Professional Investor clients only.

 

For more information please contact your Shaw and Partners Adviser

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