Trust National Storage REIT to break the Australian REIT raisings drought!
Trust National Storage REIT to break the Australian REIT raisings drought, with the company preparing a $325 million equity deal on Wednesday morning.
The regular raiser, which tends to hit up shareholders every 12 months or so to restock its acquisition warchest, was expected to raise $300 million via a placement and up to another $25 million in a share purchase plan. The placement was at $2.33 to $2.41 a security, which would be a 7.2 per cent to 4 per cent discount to the last close.
The placement’s underwritten by Citi and JPMorgan, with the brokers expected to run a bookbuild on Wednesday to determine the final price. They were lining up institutional investors on Wednesday morning.Funds raised would be used to restock the company’s balance sheet for growth, including identified acquisitions.It comes at a tough time for most REITs, with securities trading at often steep discounts to net tangible asset backing and limiting funding options.
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