Legal & General Property and Goodman have completed a £350m equity raising to strengthen the long-term position of the Arlington Business Park Partnership fund.
The initiative, which was announced to the Australian Stock Exchange on 24 December, was revealed in Property Week (19.12.08).
The capital raising will mainly come from an asset for equity swap, led by the ABPP’s global investor base.
Bill Hughes, managing director of Legal & General Property, said: ‘These initiatives, agreed through consultation with our investors, will position the Fund to maintain good levels of liquidity through the ongoing market downturn and enhance its appeal to new investors when markets stabilise.
‘Our investors’ active participation in, and their support for the transaction has been encouraging and we look forward to the next phase of ABPP’s evolution.’
Goodman’s European chief executive Michael O’Sullivan said: ‘Our investment in, and asset management of ABPP are core to Goodman’s business in the UK and a key part of our business space platform globally. In spite of the unprecedented challenges in credit markets, we have received the positive support of our financiers which reflects ABPP’s status as the UK’s leading specialised business park fund, and the high quality of assets in the fund.’