Fund manager Clarence Property has launched a $40 million capital raising for its flagship unlisted Westlawn Property Trust in a bid to retire debt, reduce exposure to banks and make new acquisitions.
The trust, which has 950 unit holders, owns a $200 million portfolio of 16 commercial and retail properties between Port Macquarie and the Gold Coast, as well as securities.
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Matthew Cranston is the United States correspondent, based in Washington. He was previously the Economics correspondent and Property editor. Connect with Matthew on Twitter. Email Matthew at mcranston@afr.com
