Property group Attacq plans to list on the real estate holdings and development sector of the main board of the JSE by mid-October, CEO Morne Wilken announced on Thursday.
Investment in the group, which was previously known as Atterbury Investment, would be through private placements to raise up to R800-million at a price per share to be determined by the book build.
The private placement was expected to open on October 7 and close on October 9.
“Listing Attacq will create a foundation to grow the business further. It enables Attacq to access capital efficiently, raise its profile and expand its investor base, all of which should enhance Attacq’s prospects,” said Wilken.
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.
“For our existing over-the-counter shareholders who played such an important role in establishing Attacq’s successful track record, their investment in Attacq shares will be tradable on the JSE from listing. This will ultimately enhance liquidity for our shareholders.”
The property company planned to shift to a portfolio that holds 65% investments and 35% developments to optimise long-term sustainable capital growth, enhance total returns to shareholders and mitigate risk.
Attacq had an asset base of R12.5-billion at March 2013.