Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Centuria has raised $100 million in a day for the purchase of two business district two buildings in Perth and Sydney
  • The $380.5 million purchase will be made by Centuria Metropolitan REIT (CMA), and CNI plans to invest $37.5 million to CMA in support
  • Following the purchase of the new buildings, CMA’s assets under management will be worth $6.5 billion

Property giant Centuria has raised $100 million in a day for the purchase of two business district two buildings in Perth and Sydney.

Centuria raised the funds through the placement of roughly 47.6 million shares at $2.10 apiece. The new shares are expected to settle on Tuesday, September 25, and normal trading will begin the day after.

Centuria is also in the process of raising an addition $10 million through a non-underwritten share purchase plan. Under the plan, eligible shareholders can subscribe for up to $30,000 in new Centuria shares for the same price the placement.

Part of the capital raising will support Centuria Metropolitan REIT (CMA), which has entered agreements to buy the two A-Grade office buildings for $380.5 million. CMA is in the process of taking up $273 million in capital raising. Centuria will commit $37.5 million to the raise.

CMA announced today it has completed two parts of the raise, including a $141 million share placement and a $65.4 million one-for-10 entitlement offer. New shares were all sold for $2.86 as part of the capital raising plan.

Following the purchase of the new buildings, CMA’s assets under management will be worth $6.5 billion.

Centuria will have roughly $70 million of working capital available after its investment and capital management initiatives. After its investment into CMA, Centuria will hold 22.6 per cent of CMA shares.

Centuria shares took a hit after coming out of a trading halt today but managed to quickly climb out of the red to be worth $2.19 each at market close — 0.46 per cent up on their previous closing price.

CMA shares also came out of a trading halt today but didn’t fare as well as their partner’s. CMA shares closed 1.67 per cent in the red, worth $2.95 in a $1.05 billion market cap.

CNI by the numbers
More From The Market Herald

" HomeCo Daily Needs REIT (ASX:HDN) merges with Aventus (ASX:AVN)

HomeCo Daily Needs REIT (HDN) and Home Consortium (HMC) have collectively agreed to a binding scheme implementation deed with Aventus (AVN) to purchase

" Irongate (ASX:IAP) receives takeover bid from 360 Capital (ASX:TGP) and 360 Capital REIT (ASX:TOT)

Irongate (IAP) received an unsolicited, highly conditional and indicative non-binding takeover proposal from 360 Capital Group (TGP) and 360 Capital REIT (TOT) on
GPT (ASX:GPT), CEO, Bob Johnston

" GPT (ASX:GPT) grows logistics portfolio to $4.1 billion

The GPT Group (GPT) has acquired a portfolio from Ascot Capital consisting of 23 logistics properties and one office asset for $681.7 million.

" HealthCo (ASX:HCW) announces a slew of acquisitions

Newly minted HealthCo Healthcare & Wellness REIT (HCW) has snapped up roughly $200 million worth of healthcare assets in its first post IPO