Australian Unity lists on ASX

Australian Unity lists on ASX
Australian Unity lists on ASX

The first property vehicle to float on the Australian Securities Exchange this year, Australian Unity Office Fund saw investors making 6.5 per cent on the float price of $2 a share this week.

The new trust has a $391 million portfolio of eight assets in Sydney, Adelaide, Melbourne, Brisbane and Canberra.

Its share price traded as high as $2.20 in trading on debut on Monday June 20. It was trading at $2.12 on Wednesday, July 22.

The fund manager raised $155 million in new equity for the former unlisted vehicle through the bankers at UBS, Credit Suisse and National Australia Bank.

The new Australian Unity trust is forecasting a dividend yield of 7.4 percent. 

The property portfolio has a 96.5 percent occupancy rate, according to Credit Suisse. 

The fund is overseen by former Federation Centres non-executive director Peter Day as chairman.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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