Vukile raises R900m after heavily oversubscribed placement

18th July 2017 By: Samantha Herbst - Creamer Media Deputy Editor

JSE-listed Vukile Property Fund has raised R900-million after closing a same-day, heavily oversubscribed bookbuild, initially aimed at raising R500-million.

Seeing strong demand for shares, the real estate investment trust raised the capital through the placement of about 48-million new shares.

Of the R900-million raised, R578.75-million was raised pursuant to the accelerated bookbuild process at R18.80 a share, while R71.25-million was raised by way of placement with management at R18.80 a share, and R250-million was raised by way of placement with the Encha SPV at R18.53 a share, in terms of the Encha equity funding platform arrangements.

Subject to approval by the JSE, listing and trading of the 48-million new shares is expected to commence at 09: on Wednesday, July 26.

The new shares, when issued, will be credited as fully paid and will be equal in all respects to existing shares.