JSE-listed property investment holding company Growthpoint Properties now owns 76% of Growthpoint Properties Australia (GOZ), previously known as Orchard Industrial Property Fund Ltd.

"The various phases of the proposed acquisition, including the initial upfront subscription, management internalisation and the rights issue underwritten by Growthpoint have now been completed resulting in Growthpoint owning 76% of GOZ, following acceptances by 7.6% of the minorities in the GOZ rights issue," the the company said on Monday.

Growthpoint's initial minimum investment in GOZ was increased to R1.265 billion following the final outcome of the GOZ rights offer and as a result Growthpoint increased the size of the initial vendor placement from R989 million to R1.265 billion.

The vendor placing will result in the issue of 96 637 572 new linked units at a weighted average issue price of R13.09. Growthpoint has therefore collectively raised R1.8 billion from the Linked Unit Alternative and vendor placing.

Source: I-Net Bridge