264 Browns Plains Road, a property of APN Convenience Retail REIT. (Photo: Google Maps)

APN Convenience Retail REIT (AQR) has received advice of an impending sell-down from one of its significant unitholders.

The REIT, which has a portfolio of 73 service station sites mostly on the Eastern Seaboard states of Australia, had announced an equity fundraising exercise earlier in the month.

To strengthen its balance sheet, APN Convenience Retail REIT is undertaking a fully underwritten AUD50 million (USD34 million) institutional placement at an issue price of AUD3.20 per new unit.

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By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.