Vunani Property Investment Fund announces terms of R455m rights offer

Posted On Monday, 22 July 2013 17:56 Published by Commercial Property News
Rate this item
(0 votes)

The Fund will offer a total of 48 503 939 new linked units ("rights offer units") to unitholders at a subscription price of 987.33 cents per rights offer unit 

Rob KaneVunani Property Investment Fund (VPIF), the only JSE listed property fund to offer investors significant exposure to commercial offices, today announced the final, JSE-approved terms of its rights offer to raise up to R455 million.

The Fund will offer a total of 48 503 939 new linked units ("rights offer units") to unitholders at a subscription price of 987.33 cents per rights offer unit (which includes the accrued distribution) in the ratio of 40.21283 rights offer units for every 100 linked units held on the record date for the rights offer.

The subscription price of 987.33 cents per rights offer unit comprises a clean price of 938.07 cents and total pre-paid distributions of 49.26 cents. As a result, the rights offer units will be entitled to the full final 2013 distribution.

The clean price of 938.07 per linked unit represents a 4% discount to the closing clean price of VPIF linked units listed on the JSE as at the close of business on Thursday, 4 July 2013.

"We are very encouraged by the market's positive support, despite volatile macro-economic conditions," commented VPIF CEO, Rob Kane.

"A number of our largest institutional investors have already provided their irrevocable support and some more confirmations are coming in. As directors, we'll also be following our rights."

Proceeds of the rights offer will be used to fund the acquisition of quality A-grade properties in Greenstone Hill Office Park and settle floating debt. Post the acquisition, VPIF will own 11 of the 15 properties in the office park.

Last modified on Monday, 22 July 2013 18:27

Most Popular

Fairvest to become fourth property company to list on A2X

Oct 30, 2019
DARREN WILDER
Fairvest Property Holdings, a real estate investment trust with a market cap of R2…

Pam Golding Properties Annual Residential Property Report 2019

Nov 08, 2019
SA Reserve Bank
Signs that the residential property market is beginning to stabilise.

Largest student housing development in SA

Oct 29, 2019
STAG African John Schooling
The largest student housing project ever undertaken by a South African public university…

RMB Real Estate Investment Banking: a large-scale partner in a mega mall redevelopment project

Oct 28, 2019
Dylan Stevenson RMB
BROWNFIELD developments have unique challenges. Most shopping centres are built from…

Katlehong's first enclosed Mall opens

Oct 30, 2019
MOLMAN GROUP
Moolman Group, in partnership with Twin City Developments and Vuno Developments, are…

Please publish modules in offcanvas position.