WESTERN Australian based developer Cedar Woods Properties has raised $25 million via a share placement to institutional investors.
Managing director Paul Sadleir said the proceeds will be used for working capital and growth initiatives including new projects soon to be launched in WA and Victoria.
The company placed 7.25 million new shares at $3.45 which represents a discount of 8% to last traded price.
Sadleir said the placement was well supported by existing institutional shareholders as well introduce a number of new institutional investors.
Property Review