This article is from the Australian Property Journal archive
BLACKWALL Property Trust has launched a $12 million capital raising to fund investments.
The trust is raising by way of a $4 million 1 for 17 rights issue at $1.20 per unit, and a $8 million private placement to high net worth and institutional investors.
The offer is priced at a 7 cents per unit discount to the trust’s $1.27 NTA.
“Of the $12 million raised, just over $9 million is to be invested as soon as we close,” BlackWall CEO Stuart Brown said.
Proceeds will be used to complete a buy-back of just over 4 million BWR units at a deep discount.
In addition, the trust will grow its investment by just over $3 million in the Pyrmont Bridge Trust. BlackWall recently announced that this single-asset, wholesale investment trust has agreed to acquire full control of 55 Pyrmont Bridge Road from joint venture partner NAB.
A further $1.4 million will be allocated to growing BWR’s existing investment in the Woods Action Centre at Villawood.
Australian Property Journal
