Property loan stock company CBS Property Portfolio Limited (CBS) on Tuesday listed on the JSE, in the 'Financial - Real Estate' sector, the company has said.

CBS raised a total of 249.75 million rand through a private placement from Tuesday to Friday last week. Approximately 150 million rand of this was made available to institutions, which was oversubscribed approximately 7.5 times.

CBS, therefore, decided to issue an additional 10,415,407 CBS linked units at an issue price of 675 cents each, amounting to approximately 70 million rand additional cash. This will bring the total CBS linked units on listing to 79,851,942.

An additional 10,838,519 CBS linked units are to be issued and listed on the transfer of certain properties within the CBS property portfolio.

Based on the additional issue, a forward yield of 10.11% is calculated for CBS. However the four CBS executive directors Martin Ettin, Derek Greenberg, Gary Fisher and Sean Mackay are confident that the original projection of 10.25% - which is above both the sector average and the long-bond rate - should be achieved, the statement said.

CBS has been in the market since 1993 with its property portfolio comprising properties originally included in successful property syndications in the Western Cape. The properties which comprise this portfolio include Dock Road Complex (Amway House and Queens Building) at the entrance to V & A Waterfront, Palm Grove Shopping Centre in Durbanville, Mellville's Corner in Plettenberg Bay, Centre Point Shopping Centre in Milnerton and The Circle Shopping Centre in Somerset West.

The portfolio was increased by the recent acquisition of properties, predominantly in Gauteng, from Yieldgro Group. These include 46% of The Wedge Shopping Centre in Morningside and Wedgefield in Bryanston. CBS Property Portfolio also includes Brait Place in Illovo. CBS has also acquired Malvern Centre in Queensburgh, KwaZulu-Natal and a portfolio of nine properties purchased from Growthpoint Properties Limited.
 
CBS's property portfolio comprises property assets valued at 987 million rand consisting of 28 properties with a total of 190,475 metre squared.

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Source: I-Net Bridge