Charter Hall Retail REIT was tapping the market for $90 million on Thursday morning, to buy a bigger interest in a portfolio of BP-leased petrol stations.
The institutional placement was priced at $4.81 per unit, which represented a 4.8 per cent discount to the REIT’s last close, according to terms sent to funds.
UBS and JPMorgan were joint lead managers and underwriters on the offer. Bids were being called for by 5.30pm on Thursday for investors in Australia, New Zealand and Asia.
Funds were told the fresh funds would be used to acquire a further 17.5 per cent interest in the Charter Hall managed partnership that owns a 49 per cent interest in 225 BP-leased petrol stations.
The raising coincided with the Retail REIT reporting its half year results, which saw it generate a statutory profit of $66.7 million in the six months to December 31, compared to $55.5 million in the prior year period.
Extracted from AFR