Why this property trust is falling down?

Shares of BWP Trust (ASX: BWP) fell 2.8% to A$3.07 as it traded ex-dividend on Thursday, with distribution of 8.85 Australian cents for six-month period ending 30 June 2017 (1H 2017). Further, FY17 full-year results will be announced on 2 August 2017. Recently, BWP Trust announced that it has successfully priced a new Australian Dollar Medium Term Note (“AUD$MTN”) issue of AUD$110 million unsecured fixed medium-term notes, maturing in May 2022, and the settlement of the transaction was occurred on 11 May 2017. The 5-year AUD$MTN notes were issued at a coupon rate of 3.5%, and the pricing represents a margin of 125 basis points over the semi-quarterly coupon matched asset swap. Proceeds from the issue will be applied to general funding and the repayment of bank debt. Recently, Folkestone enters into an agreement to acquire land from BWP Trust to acquire 1.0 hectare of land for circa $70 million.


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