Stride Property Group has announced its $20 million retail offer has closed oversubscribed, with applications received for $23.9 million.
The capital raising was originally seeking to raise $120 million, but Stride has elected to accept additional applications, bringing the total amount raised to $133.9 million.
The funds raised will be used to reduce bank debt and provide Stride with greater flexibility in pursuing their strategic objective.
Settlement of the new stapled securities is expected to occur on 16 December 2021, with trading to commence on the NZX at the same time.
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