Attacq opens private placement
As property group Attacq prepares to kick off trade on the real estate holdings and development sector of the main board of the JSE by October 14, it opened an initial public offering on Friday to raise R800-million.
Investors were invited to subscribe for about 53-million private placement shares at R15 a share.
The private placement was aimed at diversifying the company’s shareholders, in addition to raising equity, and would enable the participation of investors in a long-term sustainable real estate capital growth fund.
The listing of Attacq would enable the group to access capital efficiently, raise its profile and expand its investor base, all of which were expected to enhance the company’s prospects.
The property company planned to shift to a portfolio that held 65% investments and 35% developments to optimise long-term sustainable capital growth, enhance total returns to shareholders and mitigate risk.
Further, the long-term strategy for the group’s investments was to hold an investment spread of 70% in South Africa, 20% in other parts of Africa and 10% outside of Africa.
The private placement, which was open to invited investors only, would close on October 7.
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