Real estate investment trust APN Convenience Retail REIT is raising $55 million in equity to repay debt, including money owed for its purchase of two petrol stations last month.
A $50 million institutional placement will offer shares at $3.20 each, while a $5 million security purchase plan is likely to offer shares at $5.45 each.
APN said the funds raised would cover debts including those for the Coles Express stations in Gatton in Queensland and Inverell in NSW.
APN Convenience Retail fund manager Chris Brockett said the business was strengthening its balance sheet due to market conditions.
Yet management saw the coronavirus pandemic creating acquisition opportunities and the equity would help APN capitalise.
Shares in the trust last sold for $3.36 and have been suspended from trade until the equity raising is completed.