Shopping centres owner SCA Property Group has lifted its full year earnings guidance and announced a $50 million capital raising to fund the purchase of four new centres.
SCA now expects to generate distributable earnings of 12.8 cents per unit for the 2014/15 financial year, up from 12.6 cents per unit previously, thanks to lower debt costs and a boost from recent acquisitions.
The company is also looking to raise $50 million from institutional investors to help pay for the purchase of three shopping centres in Tasmania and the recent purchase of another in Queensland.
It will issue new shares to institutional investors at $2.02, which is below their $2.13 closing share price on Wednesday.
SCA shares have been placed in a trading halt while it carries out the capital raising.
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