Approximately 769 million new stapled securities will be allotted under the entitlement offer at the application price of 60 cents per security.
Australand managing director Bob Johnston said he was pleased with the support shown by the company's shareholders.
"The completion of the entitlement offer was an important step for the group in recapitalising Australand's balance sheet, reducing gearing and providing funding for its development pipeline,'' Mr Johnston said.
"We are pleased with the strong support we received from both institutional and retail security-holders resulting in approximately 83 per cent of the maximum entitlement offer proceeds being secured in a challenging market.''
Australand's forecast distribution for the six months ending December 31, 2008, is expected to be approximately three cents per stapled security.
Australand's majority shareholder, CapitaLand Limited, holds approximately 59.3 per cent following the entitlement offer.
The New Australand stapled securities from the retail entitlement offer and the retail entitlement bookbuild are expected to be allotted on September 9, 2008, to commence normal trading on September 11.
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