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Irongate Group Completes A$50m Institutional Placement

16 Jun 2021  |  09:14:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Successful completion of institutional placement

Irongate Group announced the successful completion of the fully underwritten institutional placement to raise A$50m (Placement) through the issuance of 34.01m new FPO stapled securities (New Securities) at an issue price of A$1.47 per New Security (Issue Price). The proceeds of the Placement will be used to part fund the acquisition of a 100% interest in the property located at 38 Sydney Avenue, Canberra ACT (Property) for a total purchase price of A$73.75m which implies an initial yield for the Property of 5.13%. The New Securities will settle on 18 June 2021, with allotment and normal trading of the New Securities on ASX to occur on 21 June 2021.

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