Kiwi Property takes advantage of equity bull run to raise up to $210m

By Paul McBeth | Wed, 30 Oct 2019


Kiwi Property Group plans to take advantage of a  22.3 percent gain in its share price this year to shore up its balance sheet while the going's good, raising up to $210 million of new equity to repay bank debt. The owner of the Sylvia Park mall in Auckland said it would sell $180 million of stock at $1.58 a share in a fully underwritten placement, and a further $20 million to New Zealand retail investors, with the ability to accept $10 million of oversubscriptions. Depending on demand, the retail offering may be scaled, it said. ...