Vicinity raising $1.4b after virus hit

Retail property group Vicinity Centres is raising $1.4 billion through a share sale to provide a buffer against the uncertainty caused by COVID-19.

Vicinity said it will raise $1.2 billion through an institutional placement and another $200 million through a security purchase plan for retail shareholders, with securities to be issued at $1.48 each, an 8.1 per cent discount to Friday’s closing price of $1.61.

The company will also not pay any dividend to shareholders for the the six months ending June 30, and said  it expects a reduction in aggregate asset value of 11 to 13 per cent by June 30.

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