FKP Property Group (ASX:FKP) has announced plans to raise $232 million to tackle its debt position and strengthen its balance sheet. 

 

The property and investment company will undertake a 5-for-9 accelerated renounceable entitlement offer at $1.30 per new stabled security. 

 

FKP says the raising will enable it to accelerate its strategy of becoming a pure retirement developer, manager and owner. 

 

CEO Geoff Grady says the equity raise will enable the company to de-lever and meet its short term debt maturities while better positioning the company to deliver on its strategy. 

 

FKP Property Group booked a net loss of $179 million in the 2013 financial year.