Balwin Properties' book build oversubscribed and raises R1.76bn

Posted On Friday, 09 October 2015 20:22 Published by
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Balwin Properties announced that the offer for shares in relation to its listing was over-subscribed. 

Stephen Brookes CEO Balwin Properties

178,238,798 shares were placed with invited investors at R9.88, being at the upper end of the pricing range, raising a total of R1.76 billion.

The settlement and listing of the ordinary shares will take place on listing on Thursday, 15 October 2015 and is subject to achieving a spread of shareholders acceptable to the JSE.

Stephen Brookes, Chief Executive Officer and founder of Balwin said: “We are very excited but also humbled by the exceptional interest shown in the offer. I believe the interest is indicative of our unique offering in the listed sector and the quality of our product. The proceeds from the capital raise will be used to settle existing debt and to drive future growth by extending our pipeline beyond the current 8 years in key strategic nodes across the country.” 

Balwin Properties is a specialist, niche, national large-scale, turnkey, sectional-title, residential property builder and developer (typically between 500 - 1,000 sectional-title residential units per development) targeting highdensity, high-growth metropolitan areas in South Africa. 

Founded in 1996, the Company has successfully developed, marketed and sold over 70 residential estates.

Balwin Properties was founded by Stephen Brookes to address the need of South Africans for secure, quality newly developed, value-for-money, convenient, sectional-title homes without the homeowner having to involve themselves in the cumbersome day-to-day management of building their “dream” home. The Company commenced operations in 1996, with its first development (a small 50 unit sectional-title development in the south of Johannesburg), which was sold for R99,000 per unit.  

With the support of three of the largest five banks in South Africa and consistent innovation and hands-on management guided by the vision of Stephen Brookes, Balwin is now considered as South Africa’s largest homebuilder targeting the middle income market segment, with operations in all three of South Africa’s largest cities. The Company has developed various iconic residential estates in recognised middle-to-high income, high-density, high-growth residential nodes such as Bryanston, Fourways, Greenstone, Oakdene, Kyalami and Sunninghill with a growing presence in Pretoria East, Somerset West and Milnerton amongst others. 

Last modified on Monday, 12 October 2015 14:16

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