Equites Property Fund has raised more than R700m in an accelerated bookbuild and will use the proceeds for its piepeline of development opportunities.
The company said on Tuesday its will issue about 41.3-million new Equites shares at a price of R17.25 per share, raising R712.4m.
The issue price is a 1.32% discount to the 30-day volume weighted average price per Equites share of R17.48. The book was oversubscribed at that level, it said.
On Monday the group said in a trading update that a company it co-owns with Tridevco recently concluded a 10-year lease on a 90,000m² facility for Tiger Brands in Riverfields, Gauteng, at a net initial yield of 9% on a development cost of about R1bn.
The group has also been awarded a tender for a global third-party logistics organisation for the development of a 24,000m² facility in Gauteng at a cost of about R300,000 and has been given the go-ahead to extend the Premier FMCG facility at Lords View, Gauteng, by 7,000m².
Click here to read more.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.