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Company News Summary

APN Industria REIT Announces Acquisitions and Equity Raising

13 May 2019  |  18:06:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Acquisitions and Equity Raising Announcement

APN Industria REIT announced the acquisition of four industrial warehouses in Knoxfield and Kilsyth, two tightly held and land constrained markets in Melbourne Vic, for $38.25m. The portfolio is 100% leased with a 4.0 year weighted average lease expiry, providing opportunities to add value and generating an initial yield of 6.3%. The Acquisitions and associated transactional costs will be funded with a combination of debt and equity including a fully underwritten $30m institutional placement, and a non-underwritten SPP to eligible securityholders in Australia and NZ, expected to raise up to $5m. The Placement and SPP will be at an issue price of $2.73 per new stapled security and the remaining costs will be funded with 5-year bank debt following a loan increase and term extension.

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