Charter Hall (ASX:CHC) launches $350m equity raising to fund property acquisitions

Charter Hall (ASX:CHC) will launch an equity raising of about $350 million to fund a number of property acquisitions worth $619 million.

The raising will be made up of an institutional placing to raise $200 million and a 1-for-15 accelerated non-renounceable entitlement offer to raise approximately $150 million.

The issue price for the Equity Raising is $5.35 per security.

Among the acquisitions is the BP portfolio which comprises 225 convenience retail properties that are an important part of the BP fuel and convenience retail distribution network.

Charter Hall will also acquire the Arnott’s biscuit manufacturing site at Huntingwood which is critical to the production of tasty treats such as Shapes, Tim Tams and Jatz.

Shares in Charter Hall  (ASX:CHC) are trading 1.24 per cent higher at $10.63
 
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Source: Finance News Network