Equites successfully raises R1.5bn
A heavily oversubscribed accelerated bookbuild has netted specialist logistics property developer and landlord Equites Property Fund R1.5-billion.
The group broadened its shareholder base as it successfully placed 120-million shares at R12.50 apiece for new and existing investors.
Equites planned to fund a significant acquisition and development pipeline and to repay part of the debt facilities used to fund the R2.6-billion in acquisitions and new developments undertaken in the past six months.
“We are delighted with the outcome of the capital raise. It is a substantial transaction for the company – we only listed 17 months ago with a market capitalisation of around R1-billion – and this raise will increase our market capitalisation to about R3.5-billion,” Equites CEO Andrea Taverna-Turisan said.
Equites recently acquired the R1.9-billion Intaprop property portfolio; the R137-million Tunney Ridge property, in Gauteng; the 7 ha Atlantic Hills Industrial Park, in Cape Town, for R52-million; and 17 ha of vacant industrial land at the Lords View Industrial Park, in Gauteng, besides others.
The group was also pursuing the construction of a new distribution centre and office on the Atlantic Hills property and a new distribution centre in Epping Industria, in Cape Town.
Equites also concluded a joint venture agreement with Grindrod Properties to develop a distribution centre and offices for Rohlig-Grindrod on vacant land already owned by Equites in Meadowview Business Estate, in Gauteng.
The new capital raised would provide Equites the flexibility to pursue development opportunities aimed at enhancing the company’s portfolio and accelerating its distribution growth in a sustainable manner, Taverna-Turisan concluded.
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