Listed property owner Aspen Group has put a $36.3 million placement to investors to pay down debt, afterAspen owns the Four Lanterns Estate at Leppington in Sydney.
Aspen would use the proceeds to pay down debt and to position itself for acquisition opportunities, according to the term sheet sent to potential investors. It planned to chase it up with a $3 million share purchase plan. Aspen invests in affordable housing, and its raise gives heart to listed real estate groups where fund-raising has been quiet while REITs trade at steep discounts to asset backings.
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