Garda Diversified Property Fund's CASA Building (Photo: Garda Diversified Property Fund)

A placement exercise to issue 20 million new units in Garda Diversified Property Fund has been completed.

The placement, which was issued to institutional investors, was conducted to raise AUD25 million (USD17.6 million) for the REIT.

The new units were issued at AUD1.25 each, which represents a discount of about 3.1% to the net tangible asset (NTA) of AUD1.29 per unit.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.