Looks like some of the smaller A-REITs are starting to be refinanced. ABP has just announced a placement to the Kirsch Group at 25 cents per share (nice for those who bought in today's closing price of $0.205 cents). They will also have a rights issue at 25 cents per share fully underwritten by the Kirsch Group.
Post placement/rights issue (raising $211.4m), the listed trusts gearing will be 22.3% and NTA at $0.69.
Some good news in the little A-REITs all being priced to fail. Cashed up privates are starting to see value and, in property terms, they are always the one buying at the bottom and selling at the top.
PS: Kirsch Group seems to investment vehicle for Nathan Kirsh, a South African investor who seems to have founded a NASDAQ listed IT company.