Retail investors handed Australian REIT BWP Trust a stinging vote of indifference on its landmark capital raise, with just 18% of eligible retail securityholders taking up their entitlements.
This forced institutional sub-underwriters to absorb the lion's share of the exercise’s AUD106 million retail tranche.
BWP Trust is an Australian REIT that has been listed on the Australian Securities Exchange since September 1998.
The REIT owns and manages a portfolio of large-format warehouse and retail properties across Australia, with 82 properties valued at AUD3.7 billion, a 98.6% occupancy rate and AUD207.6 million in annual rent.
BWP Trust primarily focuses on Bunnings Warehouse properties leased to Bunnings Group Limited, giving it one of the most recognisable and stable tenant profiles in the domestic REIT sector.
Related: BWP Trust to raise AUD228 million to fund development pipeline
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