Goodman Group (ASX:GMG) is raising a total of AU$4.4 billion via a fully underwritten institutional placement and a non-underwritten security purchase plan, according to a Wednesday filing with the Australian bourse.

Under the placement, the company will issue roughly 119.4 million new securities at a price of AU$33.50 each to raise AU$4 billion. This represents a 6.9% discount to Goodman's closing price on Feb. 18. Allotment and trading of new securities will be on Feb. 25.

The AU$400 million security purchase plan will open on Feb. 27 and conclude on March 13. New securities under the plan will be issued on March 20, with trading expected on March 21.

Proceeds are earmarked for working capital needs, including the development of new powered shells and fully fitted projects, per the filing.