Australian Unity Office Fund completed an institutional entitlement offering, allowing it to raise about A$25 million.
The fund aims to raise a total of A$50 million, with the remaining A$25 million on track to be raised through a retail entitlement offer that will run Oct. 16-30. The proceeds will be used to help fund the roughly A$105.8 million acquisition of a building in Brisbane, Australia.
Australian Unity Fund noted that the institutional entitlement offer recorded an estimated 90% take-up rate from eligible institutional unit holders, with the shortfall taken up by existing and new investors. New units under the offer will be settled Oct. 19, with allotment and trading on the ASX expected the next day.
Credit Suisse (Australia) Ltd. and UBS AG Australia branch are the underwriters of the equity raising.