Finbar raises $20m for expansion plans

Property developer Finbar Group has raised nearly $21 million which will be applied to its expansion plans in the Pilbara and continued growth opportunities in Perth.

The company today said it had raised $20.7 million through a placement that was managed by Bell Potter Securities.

Shares in the placement were priced at $1 each. Shares in Finbar were up two cents to $1.13 at 11:04 AEST.

The completion of the capital raising comes a day after Finbar was selected by the state government as the preferred developer of a Pilbara housing project, that may include a high-rise building, valued on completion at $225 million.