Balwin to raise up to R1.6bn ahead of JSE listing
Property developer Balwin Properties aims to raise between R713-million and R1.6-billion ahead of its listing on the real estate holding and development sector of the JSE on October 15.
It would use the funds to settle existing debt facilities and fund future development activities and land acquisitions.
The sectional title estate developer said on Friday that it would embark on a private placement of new ordinary shares priced at between R8.51 and R9.88 apiece with qualifying institutional investors, invited investors and private clients of selected stockbroking companies in South Africa.
“We are pleased to be progressing with Balwin’s listing to enhance our public profile, provide improved access to capital and support our overall growth objectives,” said CEO and founder Stephen Brookes in a statement.
This emerged as the firm was in negotiations to acquire additional land parcels for 15 000 residential units in Kyalami, with additional plans to develop, retain and manage a R3-billion rental portfolio of 2 000 to 3 000 units by 2020.
“We are on track to sell over 1 800 units this year and deliver an after-tax profit of around R550-million for the financial year to February 2016,” he added.
Balwin generated profit through the development and sale of large-scale residential estates averaging between 500 and 1 000 one-, two- and three-bedroom units ranging in size from 45 m2 to 120 m2 aimed at middle-income citizens.
Investec Bank is the corporate adviser, bookrunner and sponsor for the offer, which closes on October 8.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation