Abacus Property raises $75 million in share sale

The proceeds will help finance property acquisitions.

Abacus Property Group raised $75 million in a share sale to buy more buildings, including seven properties it plans to acquire in Queensland, Victoria and New South Wales.

Abacus sold 33.5 million securities at $2.24 each, a 3.3 per cent discount to the 10-day volume weighted average, the company said in a statement to the ASX.

The Kirsh Group, which has a 48 per cent stake in Abacus, bought some of the new securities in a sale managed by JPMorgan Chase & Co and Shaw Corporate Finance.

Abacus’ gearing following investment of the proceeds of the share sale will fall to 30 per cent, from 32 per cent at present.

In the six months to end December the company expects to issue a distribution of at least 8.25 cents per security. 

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