By a staff reporter
Mirvac Group has raised $400 million from institutional investors to help fund its purchase of office assets from GE Real Estate Investments Australia.
The group went into a trading halt on Friday before announcing the capital raising to help fund the $584 million purchase of seven properties.
Before market close today the group said the fully-underwritten placement saw institutional investors issued 236.7 million stapled securities at $1.69 apiece.
Mirvac is running a security purchase plan, also at $1.69 per stapled security, to raise additional capital.
The group said almost three-quarters of the portfolio was made up of two landmark assets, Allendale Square in Perth and 90 Collins Street in Melbourne.
The other five assets were in the Sydney CBD on Alfred, Pitt, Dalley and George Streets.
Mirvac shares last traded at $1.745.
Quick Summary:
Group raises cash from institutional investors to bankroll purchase of office assets.
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