This article is from the Australian Property Journal archive
WESTERN Australian apartment developer Finbar has raised $31 million via share placement, and intends to tap shareholders for a further $5 million that will be used to bring forward construction of its $350 million Canning Bridge project in Applecross and $108 million Palmyra Apartments Estate.
Finbar also said it is currently negotiating the acquisition of a new inner-city project opportunity, which if secured would “provide a further boost to the core area of activity and refresh the $1.85 billion development pipeline”.
The placement to “professional and sophisticated investors” at $0.93 per share was oversubscribed, and is now looking to raise the second tranche via a share purchase plan at the same price.
Canning Bridge, at 908-912 Canning Highway within the riverside suburb, will be built over three stages and includes the 30-storey Sabina tower, which has 173 one, two and three-bedroom apartments on an 8,072sqm site. It falls within the Canning Bridge Activity Centre and was allowed to be higher than the M15 Mixed Use zoning maximum of 15 storeys due to community benefits.
The remaining stages will comprise 273 one, two and three-bedroom apartments and six ground-floor commercial lots.
The nearby 1.74ha consolidated site at 888 Canning Highway was recently put to the market with plans drawn up by architects Woods Bagot for “Applecross Central”, which will have a gross area of 160,000 sqm comprising specialty retail, residential, office and office space, a five-star hotel, retirement living and a school, and public areas.
Finbar’s Palmyra project, east of Fremantle, comprises the Palmyra East and Palmyra West stages at 43 and 45 McGregor Road, and will respectively comprise 128 and 130 one, two and three-bedroom apartments and
The developer resumed activity on the ASX after a trading halt on Wednesday.
Euroz Securities acted as lead manager and bookrunner to its offer, and Bell Potter Securities as a co-broker for the offer.
“We are very appreciative of the support from existing long-term shareholders, some of which have held shares in Finbar for more than a decade which displays a continued confidence in our business,” Finbar’s managing director, Darren Pateman said.
“Importantly, the capital raising bolsters an already strong balance sheet placing the company in a position of strength at the commencement of the next market cycle where shareholders will benefit from the opportunities resulting from an established business operating in markets in which the company has extensive experience and comprehensive understanding.”
Australian Property Journal
