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Arena REIT launches 70m raising for post-COVID growth
Australian law firm Hall & Wilcox has advised Arena REIT on its $70 million capital raising.
Tony Zhang
Firms: Hall & Wilcox (Arena REIT)
Value: $70 million.
Area: Capital raising.
Key players: The Hall & Wilcox team was led by corporate partner John Hutchinson with support from lawyers James Fisher and Rebecca Kazzi and law graduate Michael Henderson.
Deal significance: The equity raising involves a $60 million institutional placement (fully underwritten by Morgan Stanley) and a $10 million securities purchase plan.
The move comes four weeks after its larger peer Charter Hall Social Infrastructure REIT announced their intention to raise $115 million to fund future growth.
“We are delighted to have assisted the Arena REIT team [in] another highly successful equity raising. Arena REIT has been a valued client of Hall & Wilcox since its ASX debut in 2013 and it is fantastic to be able to assist in its continued growth,” Mr Hutchinson said.
Arena, which currently owns 223 early childhood education and care (ECEC) centres and 10 disability care centres, will use the capital raised to continue its growth strategy by investing in new emerging opportunities.
The institutional component of the raise will be fully underwritten however, the retail component will not be.
