Centuria Office (ASX:COF) raises $129 mil via institutional offer

Centuria Office’s (ASX:COF) responsible entity Centuria Property Funds, completed the institutional component of the 1 for 6.4 institutional entitlement offer announced yesterday.

The real estate group raised around $129 million, including Centuria Capital’s entitlement of around $25.5 million. The offer was backed by existing institutional unitholders with approximately 90 per cent takeup by eligible institutional unit holders, excluding Centuria Capital’s entitlement.

The shortfall under the offer also attracted demand from both existing and new unitholders. Around 51 million units will be issued at an issue price of $2.50 per share. New units will settle on 15 Sep this month, with normal trading the following day. 

The retail component of the entitlement offer will open on 13 Sep and is expected to raise $72 million, taking the total size of offer to $201 million, with more details to come for eligible unitholders. 

Shares in Centuria Office REIT (ASX:COF) are trading 4.6 per cent lower at $2.46. 

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