Property stocks raise R20bn capital
Well-supported rand hedges amass billions to fund growth ambitions across Europe and to diversify out of tough local conditions
More than R20bn in new capital has been raised in the year to date to fund the growth ambitions of rand hedge property stocks, according to a report released on Monday by Cape-based Catalyst Fund Managers. The bulk of the money will go towards buying or developing shopping centres in Central and Eastern Europe. Last week’s oversubscribed book-build by NEPI Rockcastle alone collected a hefty R5.2bn within a matter of hours. That was in addition to the more than R1bn raised by NEPI earlier in 2017 before the merger with sister company Rockcastle. NEPI Rockcastle is focused on Central and Eastern Europe. MAS Real Estate, which recently entered the Central and Eastern Europe region in partnership with Prime Kapital, led by former NEPI CEO Martin Slabbert, raised R1.9bn in September in addition to R2.2bn raised in March. Greenbay Properties, which owns shopping centres in Portugal and Slovenia, has raised a substantial R7bn so far in 2017. Pure Polish play Echo Polska Properties and Germ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.