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Cromwell raises A$228M from A$300M entitlement offer

Cromwell Property Group raised roughly A$228 million at the completion of its 2-for-13 accelerated nonrenounceable entitlement offer of stapled securities, through which it targeted as much as A$300 million.

The diversified real estate investment trust raised approximately A$46 million at the Dec. 13 close of the retail portion of the entitlement offer. Managing Director and CEO Paul Weightman said together with the institutional entitlement offer, which raised approximately A$181 million, the total amount raised surpassed commitments of A$210 million from major security holders.

Under the retail entitlement offer, applications from eligible retail security holders reflected a participation rate of roughly 39%.

The about 47 million securities that will be issued under the retail entitlement offer will begin normal trading Dec. 20, according to a release.