Aveo parent, FKP, has gone to the share market to raise an extra $324 million to repay debt. Stockland has been sitting on 14.9% of FKP for 12 months, waiting for an opportunity to take over their aveo business. FKP offered the new securities at $0.40 each, an amazing 47% discount to the market price on Friday of $0.76, to ensure it got the $324 million it needs. Stockland had to pay out $48 million to prevent its shareholding being diluted. Stockland also holds 14.9% of Aevum.
$36M Resthaven Bellevue Heights redevelopment in Adelaide opens doors
The South Australian Not For Profit provider has opened Stage 2 of the redevelopment of Resthaven Bellevue Heights in Mitcham, 7km south of Adelaide’s CBD.