This article is from the Australian Property Journal archive
MIRVAC has raised $350 million from institutional investors through the placement of 250 million securities.
Managing director Nick Collishaw said was pleased with the strong support and said Mirvac is now well positioned to fast track its existing commercial and residential development pipelines as well as take advantage of new opportunities.
The institutional placement was significantly oversubscribed with demand from both existing and new Australian and international institutional investors. Consequently a scale back of bids was required.
The proceeds will reduce pro forma balance sheet gearing from 23.2% to 20.7% and increase liquidity to $1.4 billion and increase cash on hand to $400.3 million.
Australian Property Journal
