Redefine raises R1.3bn to fund acquisitions
Property loan stock company Redefine Properties on Tuesday raised R1.3-billion in an accelerated bookbuild offering of new linked units.
The company, led by CEO Marc Wainer, had initially planned to raise R1-billion, but in light of strong demand, increased the amount of capital to be raised. The proceeds would be used to fund the acquisition of certain properties.
In October, Redefine told shareholders during a presentation of the company’s results for the 2013 financial year, that it had concluded agreements to acquire several properties for a collective R3.4-billion. This included the R727-million acquisition of a 51% interest in the Maponya Mall, in Soweto.
Redefine’s share price on the JSE was trading 3% lower at R9.70 apiece by 14:25 on Tuesday, compared with Monday’s close of R10 a share.
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