O'Farrell said the intent of the raising was to replenish Abacus' balance sheet within its gearing targets, placing it in a position for possible acquisitions as the market recovers. The group has already recently purchased 343 George Street in Sydney.

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Earlier in the year, O'Farrell also advised Abacus on its cornerstone placement to the Kirsh Group, followed by a loc-doc rights offering to raise $200 million.