FKP completes entitlement offer

Group raises $173.m from institutional component, Stockland sells stake.

FKP Property Group (FKP) has completed the institutional component of its entitlement offer, raising $173.9 million.

In a statement to the Australian Securities Exchange, FKP said 99.2% of eligible institutional securityholders subscribed to take up their entitlements.

The offer is expected to be completed on November 11, with the new stapled securities issued to commence trading the next day.

The retail entitlement offer is set to open on November 4 and close on November 27.

FKP also said Goldman Sachs sold 58.1 million securities in the property group held by Stockland to institutional investors.