Propety company DNZ has raised $60 million in equity from a fully subscribed placement with institutional investors.
It will now focus on a share purchase plan offer to shareholders to raise a further $20 million, which is expected to open in mid-June, at around $1.65 a share.
The $80 million capital raising was announced on Wednesday, along with DNZ's full-year results which booked a 119% gain in after-tax profit, up from $20.7 million a year ago to $45.5 million.
The institutional equity raising was at a slight 1.8% discount, at $1.68 per share. The shares had been trading at $1.71.
The capital raising will be used to fund Auckland acquisitions, being the recent Silverdale Centre purchase for $78 million and the $25 million Westgate Zone 5 Land, to build an enclosed shopping centre.
DNZ chairman Tin Storey said the capital raising success had shown ''strong support'' from existing shareholders and new investors for the company's business strategy, portfolio strength and recent retail sector acquisitions in Auckland.
