- Retail investment trust APN Industria (ADI) has announced a capital raise to fund four warehouse purchases totalling $92 million
- ADI entered agreements to acquire three properties at Adelaide airport and a fourth in Queensland
- The acquisition will be funded by a $35 million institutional placement and new and existing bank debt facilities
- A non-underwritten security purchase plan (SPP) will also be available to eligible security holders to raise up to $5 million to repay the debt
- ADI is currently in a trading halt amid the announcements and last traded at $2.95
Retail investment trust APN Industria (ADI) has announced a capital raise to fund four warehouse purchases totalling $92 million.
ADI entered into agreements to acquire three properties at Adelaide airport and a fourth in Queensland.
The acquisition will be funded by a $35 million institutional placement and new and exisiting bank debt facilities.
Securities will be issued at a fixed price of $2.86 each, representing a 3 to 4 per cent discount on the close price and five-day volume-weighted average price (VWAP) on December 9. The new shares will be allotted December 16.
A non-underwritten security purchase plan (SPP) will also be available to eligible security holders to raise up to $5 million to repay the debt.
Property purchases
The South Australian Adelaide Airport assets comprise of three warehouses built between 2007 and 2009, located in the precinct’s industrial and commercial area.
ADI says the three assets are leased to tenants with underlying businesses tied to essential services including logistics and specialist technical equipment.
The Queensland warehouse acquisition includes two warehouses 40,970 square metres across.
The warehouses are fully occupied, with 55 per cent leased to Woolworths, 30 per cent to AMES Australasia and 15 per cent to Gilders Transport.
ADI is currently in a trading halt amid the announcements and last traded at $2.95.