Pivotal Property Fund to raise R1bn through private placement

Posted On Wednesday, 26 November 2014 17:24 Published by
Rate this item
(0 votes)

Pivotal Property Fund announces its intention to raise R1bn through the private placement of 58,823,529 shares at an issue price of R17 per private placement share.

Jackie van Niekerk

Pivotal Property Fund‚ which anticipates listing on the main board of the JSE next month‚ announced its intention to raise approximately R1bn through the private placement of 58‚823‚529 shares at an issue price of R17 per private placement share.

Pivotal said the main purpose of the private placement and the listing were to enhance the liquidity and tradability of company shares and to provide the company with a platform to raise funding to pursue growth and investment opportunities in the future.

It said the proceeds of the placement would be used to defray the preliminary and issue expenses and the balance would be used to partly finance the acquisition of the SBP properties as set out in its prospectus.

Pivotal has‚ since 2009‚ been an unlisted property investment and development company. The group has an office and retail property portfolio‚ divided into completed income-producing properties and developments (including the current developments and the future developments).

Pivotal said its focus would be on creating sustainable value for its investors by achieving above-average growth in the capital value of its portfolio. The portfolio of income-producing properties is currently valued at approximately R7.8bn.

Last modified on Wednesday, 26 November 2014 22:28

Most Popular

SA REIT Association - Chairman's message and 2021 sector outlook

Feb 02, 2021
Estienne de Klerk_Chairman of SAREIT
Real estate has long been a rewarding sector of the financial markets. Like all sectors,…

It’s cheaper to buy than to rent a home in 2021

Feb 08, 2021
If the past year has taught us anything, it is how important our homes have become to us.

Thavhani City set for more growth in 2021 as its Motor City and medical developments accelerate

Feb 15, 2021
Thavhani City mixed-use urban precinct in Thohoyandou, designed to be the future economic…

Brand new residential development in La Lucia 60% sold through Pam Golding Properties

Feb 15, 2021
Such is the consistent high demand for centrally located, well-priced residential…

Attacq successfully concludes two disposals

Feb 01, 2021
Attacq_CIO_ Peter de_Villiers
Attacq Limited, the JSE-listed REIT and owner and developer of the iconic Waterfall…

Please publish modules in offcanvas position.