After earlier this week announcing that it would pursue a listing in the Industrial and Office real estate investment trust sector of the JSE, property investment fund manager Equites Property Fund said its private placement of shares to invited investors had been “heavily” oversubscribed, enabling the company to raise R650-million.
The South African group placed 65-million of its shares with invited investors under the private placement at an issue price of R10 a share.
The allocated shares would be transferred to successful applicants on a ‘delivery-versus-payment’ basis on June 18.
The internally managed Western Cape-based fund, which was focused on industrial assets at the top-end of the industrial property sector, boasted a R1.2-billion portfolio of 17 industrial and office properties comprising 124 253 m² rental space.
Equites aimed to grow its portfolio to R4-billion within five years.