The new Oasis Crescent Property Fund will be a property unit trust and its listing date is set for November 23. Oasis director Nazeem Ebrahim said on Monday that an AltX listing was the most cost- effective option.
He said Oasis Crescent Property Fund was "relatively small", with a market capitalisation of R200m and an initial property portfolio of five properties worth R115m. Oasis planned to raise a further R85m worth of cash via a private placing of units, and to use the funds to buy properties earmarked for the fund.
He said the property unit trust would be the "first listed socially responsible property fund" because, in terms of its mandate, its properties would exclude tenants whose main activities included the sale of liquor, gambling and entertainment.
The JSE has approved the listing of 20-million Oasis units on AltX. The opening date was Monday. The closing date of the private placing is November 17.
