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Redefine Properties accelerated book build oversubscribed

Posted On Wednesday, 19 August 2015 19:33 Published by
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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
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