Redefine Properties accelerated book build oversubscribed

Posted On Wednesday, 19 August 2015 19:33 Published by
Rate this item
(0 votes)

Redefine Properties has closed its accelerated book build offering after raising R1,7 billion from an initial planned capital raising of R1,5 billion.

Andrew Konig

The company reported strong demand from institutional investors resulting in the placement of 154 545 455 shares at a price of R11 per share.

The capital raised will be deployed to future investments by Redefine Properties, said CEO Andrew Konig.

Konig added: "Given the challenging environment, the strong demand for Redefine shares is reflective of the market's confidence. It is particularly pleasing that the pricing of the capital raised is well below our average cost of capital, and well above our net asset value."

Subject to approval by the JSE, the listing and trading of the new shares is expected to commence at 9am on Thursday, 27 August 2015.

Java Capital acted as sole bookrunner.

 

Last modified on Wednesday, 19 August 2015 20:50

Most Popular

Repo rate unchanged at 3.5%

Mar 25, 2021
Lesetja_Kganyago_SARB_Governor
The Monetary Policy Committee has decided against altering the repo rate, deciding to…

SA property visionary John Rabie announces new global property joint venture

Mar 15, 2021
LX_LIVING_Lisbon_Portugal
Capital, the Geneva based property investment, development and asset management-business,…

Court finds against EAAB in battle for FFCs

Mar 16, 2021
Tony C
In a scathing judgement handed down from the High Court on 15 March, the failure of the…

Social housing project launched in the Western Cape

Mar 12, 2021
Anchorage_Bellville_Housing
The National and Western Cape Department of Human Settlements, together with its agency,…

KZN residential property market poised for upswing

Mar 15, 2021
Sershin_Moodley_TUHF
Over the past three years, the KwaZulu Natal (KZN) property market has enjoyed…

Please publish modules in offcanvas position.