Steadfast has completed an $89 million placement to institutional investors and a $97 million institutional entitlement offer.

The one-for-three accelerated pro-rata non-renounceable entitlement offer attracted a take-up rate of 96%.

A retail entitlement offer opens today and will close at 5pm on March 4. This is expected to raise an additional $114 million.

MD and CEO Robert Kelly says the combined equity raising of about $300 million will be used primarily for acquisitions.

Eligible retail shareholders can subscribe for one new share for every three they held at February 19 February 2015.

They can also apply for additional shares up to a maximum of 50% of their entitlement, at $1.26 per share – the same offer price as the institutional offer.

Steadfast has released an information booklet for the eligible retail shareholders, and information can also be found at investor.steadfast.com.au.