- APN Industria REIT (ADI) has completed the institutional components of an underwritten stock offering for about $350 million
- The retail component of the entitlement offer is projected to raise about $106 million and will begin on Thursday, September 30, at 9:00 am AEST
- APN Industria REIT fund manager Alex Abell said the company was pleased by the support for the institutional components of the raise
- Shares in ADI are up 0.29 per cent to be sitting at $3.49 at 3:18 pm AEST
APN Industria REIT (ADI) successfully completed the institutional components of the underwritten equity offering for a total of roughly $350 million, with the retail entitlement offer expected to raise an additional $106 million.
The institutional placement raised roughly $100 million while the institutional component of the 1-for-3 accelerated non-renounceable entitlement offer raised approximately $144 million.
Growhtpoint Properties (GOZ) announced today it is using existing debt facilities to acquire 14.74 million new stapled securities in ADI for $50.87 million to maintain its 14.5 per cent holding in ADI.
The new securities will be priced at $3.45 per security at the time of issuance with proceeds to be utilised to partially support the acquisition of interests in 51 industrial assets and development prospects.
Citigroup Global Markets Australia and Macquarie Capital have fully underwritten the equity raising.
The retail component of the entitlement offer is projected to raise about $106 million and will begin on Thursday, September 30, at 9:00 am AEST and conclude on Friday, October 15 2021 at 5:00 pm AEST for Australian and New Zealand based security holders.
Under the retail entitlement offer, qualified retail securityholders who take up their entitlement in full may also apply for additional securities in excess of their entitlement up to a maximum of 35 per cent of their entitlement at the issue price.
APN Industria REIT fund manager Alex Abell said the company was pleased by the support for the institutional components of the raise, with demand coming from existing shareholders, as well as new domestic and global institutions.
“This transaction represents a compelling opportunity for Industria to further upscale its industrial property exposure and deploy capital into development opportunities with attractive returns, delivering transformational growth for Industria securityholders,” he said.
“We look forward to delivering on the strategy over the years to come.”
Shares in ADI were up 0.29 per cent to be sitting at $3.49 at 3:18 pm AEST.