The manager of ARA LOGOS Logistics Trust (ALOG) says it would utilise $23 million of the remaining gross proceeds of the private placement to repay the loan amount, which was previously drawn down from the REIT’s revolving credit facility.
See: ARA Logos Logistics Trust to raise $50 mil through private placement of 90.5 mil new units and ALOG's manager says Australian acquisition is positive for REIT
The revolving credit facility will be redrawn down for the purposes of partially financing the proposed acquisitions and fund investments. The manager says it will release an announcement when it occurs.
The REIT’s private placement on Nov 3 raised some $50 million.
On Nov 23, the manager has utilised some $21 million of the private placement to partially finance its proposed acquisitions in Australia and fund investments.
Units in ALOG closed flat at 60.5 cents on Dec 30.
