Vitalharvest Freehold Trust commences trading on the stock exchange on a conditional and deferred settlement basis Aug. 1 at noon, Australian Eastern Standard Time.
The farm-focused real estate investment trust will trade 185 million fully paid units issued at A$1.00 apiece under the security code VTH.
Vitalharvest REIT, which targeted A$185.0 million from the IPO that ran July 16-27, comprises Vitalharvest Freehold Trust and all the subtrusts the latter will invest in. The REIT said that on Aug. 3, it will issue 110,987,000 units, 51,513,000 units, 10 million units and 12.5 million units to successful investors respectively under the institutional, broker firm, general and priority offerings of the IPO.
Vitalharvest Freehold Trust's application to be admitted to the official list of the Australian stock exchange received the bourse's approval July 30. It expects to trade on a normal settlement basis on ASX Aug. 9.
The REIT has a portfolio of seven agricultural properties in Australia valued at A$238.4 million. It comes on the market with an indicative enterprise value and market cap of A$280.0 million and A$185.0 million, respectively.
GoFARM Asset Management Pty. Ltd. will be the trust's manager, and The Trust Co. (RE Services) Ltd. is its responsible entity. Single-family office asset manager Costa Asset Management owns 50% of the trust manager.