Charter Hall Long WALE REIT is raising up to $70 million through investment bank JPMorgan to fund the acquisition of BP convenience retail sites in New Zealand.
Shares are being sold at $4.87 each, a 3.2 per cent discount to the last closing price on Wednesday of $5.03.
The group will raise $60m by way of an institutional placement and up to $10m through a share purchase plan.
It comes as the listed fund buys a 50 per cent interest in a new Charter Hall-managed partnership that will acquire a 49 per cent stake in a portfolio of 70 long-lease BP convenience retail sites in New Zealand.
The sale and lease back to BP by the Charter Hall interests will cost NZ$130.8m.
More Coverage
Treadstone, Citi tapped for Newmont’s $US1bn sale
Australian advisers have been assisting Newmont on asset sales.
MAC raises equity after passing on $1bn Portuguese acquisition
Metals Acquisition is understood to have been looking to buy Portuguese mine Neves-Corvo but has now moved on.