The Australian, 12 May 2009, Florence Chong
AUSTRALIA'S oldest listed property trust, GPT Group, is poised to raise $1.7 billion after completing the $1.4 billion institutional component of the capital raising yesterday, and revealing that the $300 million retail offer was fully underwritten.
The institutional component, which was underwritten by UBS, will raise about $1.4 billion, comprising $120 million from a placement and about $1.3 billion for an institutional entitlement offer.
Existing investors, including its two largest investors, Stockland and Singapore's GIC, took up their entitlements.
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