RQI Rights Offering Raises $154M, Adding $220M with Leverage for Real Estate Investments
RQI is trading near its 52-week low of $11.3 (8.8% above the low) on elevated volume (3.6× avg).
Summary
The rights offering closed with approximately 12.64 million shares issued at $12.15 each, generating $154 million in gross proceeds, or $220 million after adding anticipated leverage. The subscription price was set at a formula-based discount to market and NAV. The advisor covered all offering expenses, so the fund receives the full proceeds. This follows the June 8 announcement of terms and the June 18 commencement. The capital raise is material for the $1.64 billion market cap closed-end fund, providing fresh ammunition to deploy into listed and private real estate. The offering was led by UBS as sole dealer manager.
At the time of this announcement, RQI was trading at $12.29 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $1.6B. The 52-week trading range was $11.30 to $13.57. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: PR Newswire.