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Report: Property Exchange raises A$780M ahead of possible restructuring

Online real estate settlement company Property Exchange Australia Ltd., or PEXA, raised A$780 million in capital ahead of a possible restructuring scheduled for late 2018, according to The Australian.

The publication noted that investors in the recently concluded equity raising include Macquarie Group and the Link Group, along with Australia's four biggest banks and the state governments of Victoria, New South Wales, Queensland and Western Australia.

According to the report, PEXA could be traded at more than A$780 million in the 12 months after September because the company is still growing and expanding into new sectors.

The proposed listing or trade sale of the company was initially scheduled for 2016. PEXA CEO Marcus Price was quoted by The Australian as saying the capital restructure will happen "when it suits" the company.

Analysts cited in the June 2 report said there is a chance Link or Macquarie will pre-empt any restructuring move by boosting their control over PEXA.

As of June 1, US$1 was equivalent to A$1.35.