Abacus Property Group was able to raise USD75 million in a share sale. The proceeds would be used to acquire more buildings and other properties in New South Wales, Queensland, and Victoria, according to a report published by Business Spectator.
Abacus is a diversified property group that invests in commercial properties accross Australia. It was established in 1996 and listed in the Australian Stock Exchange (ASX) in 2002, according to the company website.
In a statement made to the ASX, the property company said it sold 33.5 million of its securities at USD2.24 apiece. This was a 3.3% discount to its weighted average for 10 days, Business Spectator said.
The Kirsh Group owns a 48% stake in Abacus. In a sale that was managed by Shaw Corporate Finance and JPMorgan Chase & Co, the Kirsh Group purchased some of the new securities of Abacus, the report stated.
Abacus would expect a minimum distribution of 8.25 cents per security within six months until December, the report said.
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