Corporate Action: Don’t Subscribe to Growthpoint’s SPP
No-moat-rated Growthpoint Properties Australia, or Growthpoint, has joined the growing list of AREITs raising equity to take advantage of strong security prices. The raising comprises a fully underwritten AUD 150 million institutional placement and a non-underwritten security purchase plan, or SPP, to raise up to an additional AUD 15 million. The SPP closes July 24 and the issue price is AUD 3.97 per security, a 4% discount to the adjusted last close. South African parent Growthpoint Properties ...Growthpoint Properties Australia is engaged in property investments, focusing on Australian property in the industrial, office and retail sectors. As of June 30 2016, Co.'s industrial portfolio had 38 properties with a total lettable area of 874,156 square meters and Co.'s office portfolio had 20 properties with a total lettable area of 235,389 square meters.
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