You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App

NEW SENS search and JSE share prices

More about the app

Equites Property Fund increases capital raise to R1bn

Most likely to fund acquisition and joint-venture development deal with fellow JSE-listed property counter Attacq.
Image: Supplied

Equites Property Fund – the niche real estate investment trust (Reit) that focuses exclusively on the burgeoning logistics/warehousing sub-sector of the market – announced a R500 million capital raise on the JSE on Wednesday morning.

However, just after midday the group said in an update that it had increased the capital raise to R1 billion due to market demand.

The Cape-based group has a portfolio of properties in South Africa and the United Kingdom.

“In light of the strong demand in response to the earlier announcement of an equity raise, Equites confirms that it will increase the amount of equity targeted to R1 billion,” the Reit noted in its update.

In its earlier announcement, the group said that the equity raise would be implemented through an accelerated book build process subject to pricing acceptable to Equites.

“The book build is now open and Equites reserves the right to close it at any time and to increase the size of the equity raise subject to demand,” it pointed out.

“Pricing and allocations will be announced as soon as is reasonably practicable following the closing of the book build,” the group added.

While Equites did not mention what the funds from the capital raise would be used for, this most likely will go towards funding the group’s acquisition and joint-venture development deal with fellow JSE-listed Reit Attacq, which was announced on Wednesday.

Equites will acquire stakes in two industrial properties within Attacq’s Waterfall node in Gauteng and will jointly develop Australian retail group Cotton On’s new warehouse hub in the precinct with Attacq.

The group’s last capital raise, back in August 2019, was oversubscribed and brought in R750 million.

Read: Equites Property Fund raises R750m in oversubscribed bookbuild

Equites, which is continuing with its expansion drive even in the face of Covid-19, saw its share price fall over 2.5% in trade on Wednesday, following the announcement of the latest equity raise.

Equites share price graph

Please consider contributing as little as R20 in appreciation of our quality independent financial journalism.

AUTHOR PROFILE

COMMENTS   1

You must be signed in to comment.

SIGN IN SIGN UP

Another company investing in the proudly South African story!!

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Podcasts

INSIDER SUBSCRIPTIONS APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING PORTFOLIO TOOL CPD HUB

Follow us:

Search Articles:
Click a Company: