Property trust ING Industrial Fund (ASX:IIF) has announced plans to raise $700 million via a fully underwritten share placement.
The $0.48 per share offer represents a discount of around 20% discount on IIF’s average trading price prior to the announcement.
IIF will conduct the capital raising in two stages – a one-for-one entitlement offer of $544 million and an institutional placement of $146 million.
Part of the money raised will go towards the company’s planned $1.6 billion debt refinancing announced in August.
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