office buildings glass walls
Source: Pixabay
  • APN Industria REIT is an ASX listed office and industrial properties company.
  • Industria received applications for approximately $28M during a security purchase plan (SPP).
  • The SPP originally aimed for $5M, the Board using discretion to increase the amount raised to $20M.
  • Scale back policy to be implemented, at 71% of value applied for.

APN Industria REIT recently completed a successful security purchase plan.

The office and industrial properties company has 37 assets across the eastern seaboard and South Australia, with a portfolio value above $950M.

Industria announced the SPP in mid-December of 2020, seeking $5M.

Closing 5:00 pm AEDT of Friday last week, the SPP was oversubscribed to the tune of approximately $28M.

Industria said in a statement that:

“As the SPP was oversubscribed and as contemplated in the SPP booklet, the Board has utilised its discretion to increase the amount raised under the offer to $20M.”

The warm reception meant a scale back policy would be implemented, as per the terms and conditions set out by Industria:

“… eligible securityholders who applied for securities will be issued with securities to the value of approximately 71% of the value applied for.”

New stapled securities were also announced, Industria will be issuing approximately 7.1 million new securities at $2.817 per new security.

The positive growth in office property a positive sign despite the growing demands for working from home.

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