GDI Property float gets strong demand
- {{x.value}}
{{ twilioFailed ? 'SMS Code Failed to Send…' : 'Enter verification code' }}
{{ completedStep1 ? 'Start your free 15 day trial now' : content.trialHeading.replace('{0}', user.FirstName) }}
{{ content.upgradeHeading.replace('{0}', user.FirstName) }}
The email address you entered is registered with InvestSMART
Please login to continue
We have sent you an email with the details of your registration.
Looks you are already a member. Please enter your password to proceed
{{ upgradeCTAText }}
Updating information
Please wait ...
Your membership to InvestSMART Group recently failed to renew.
Please make sure your payment details are up to date to continue your membership.
Having trouble renewing?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
You've recently updated your payment details.
It may take a few minutes to update your subscription details, during this time you will not be able to view locked content.
If you are still having trouble viewing content after 10 minutes, try logging out of your account and logging back in.
Still having trouble viewing content?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
Please click on the ACTIVATE button to activate your Intelligent Investor 15-day free trial
Please click on the ACTIVATE button to finalise your membership
Unsuccessful registration
Registration for this event is available only to Eureka Report members. View our membership page for more information.
Registration for this event is available only to Intelligent Investor members. View our membership page for more information.
- You are already registered for this event.
- This event is already full.
- Please select a quantity for at least one ticket.
- {{ i }}
Forgotten password
Please enter your email address below to request a new password
- Verify your email address by clicking on the link we sent to {{user.Email}}
- You now have free access, we look forward to helping you on your financial journey.
The $567.6 million float of GDI Property Group closed on strong demand last night after sole lead manager Credit Suisse achieved its target $310 million in equity and existing investors piled into the float.
It forms part of a rush into property REITs this week, with investors pouring more than $1.3 billion into the sector.
Existing investors were allocated about $256.7 million of the float’s total equity, along with management.
About 80 per cent of existing unit holders in the GDI syndicates chose to stay in and their purchase of additional stock put the effective rollover rate at 85 to 90%.
Credit Suisse successfully tapped the market for 310 million stapled securities at $1.00 a share.
The rollover rate can be seen as a ringing endorsement of GDI’s management.
GDI executive chairman Tony Veale and managing director Steve Gillard took a combined 10.5% of the $567.6 million float.
The prospectus for GDI will be lodged on Monday.
GDI will list on 17 December, the same day as PACT group, which Credit Suisse is also running.
The GDI Property Group will control about $867 million in assets at listing, including directly owned assets of about $680 million. Part of the raising will be directed to buying an office tower on Queen Street in Brisbane valued at $120 million.
Other properties include 233 Castlereagh Street in Sydney, Mill Green complex in Perth, and 25 Grenfell Street in Adelaide.
Call 1300 880 160
Start a chat
Schedule a call
