Freehills has advised Abacus Property Group on its $91.4 million institutional placement.
Freehills partner Justin O’Farrell led the Freehills team on the placement, working with solicitor Jamie Stollery. ANZ and its broking arm Linwar Securities managed the placement.
‘The raising fits into an emerging theme for property groups. Abacus has recently purchased 343 George Street, taking advantage of the cycle in the market to make property plays for the future.’ O’Farrell said.
‘The raising is to help them replenish their balance sheet within their gearing targets and place them in a good position for possible future acquisitions as the market frees up.’
O’Farrell helped Abacus earlier in the year with its cornerstone placement to the Kirsh Group followed by a low-doc rights offering to raise around $200 million.
‘The current Abacus raising has a very different flavour to the one they did earlier this year,’ said O’Farrell. ‘It’s early days, but the indications seem to be we are entering a different phase in the market, with participants looking more to the future and the prospect of good buying opportunities.’
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