Dexus Funds Management is to launch a $300 million equity raising initiative this month through an institutional placement of 392 million securities to refinance its debt.
The fund manager, which is the responsible entity of Dexus Property Group, plans to follow up the institutional placement in January with a security purchase plan for retail shareholders.
These initiatives, as well as the recent securing of debt facilities, will provide Dexus with the funding to refinance all debt to February 2010 and fund its development pipeline to completion in June 2011.
The group remains in discussion over the possible sale of some or all of its interests in selected investment and development assets, according to the group’s statement to the Australian Securities Exchange.
