ACCELERATED BOOKBUILD
Fairvest raises R250m to fund acquisitions
Real estate investment trust Fairvest Property has raised R250m in capital via an accelerated bookbuild, which will help fund its continued pipeline of acquisitions in the lower end retail space. The group intended to raise R200m during its offering on Thursday, with the accelerated bookbuild the second in the property sector last week to attract strong demand. Fairvest’s offering was raised at a price of R2.20 per share, where the share price settled at the close of the JSE on Friday. Fairvest had a "healthy pipeline" of acquisitions, said CEO Darren Wilder, with the oversubscription coming after five years of the group meeting its distribution targets. On Tuesday, Dipula Income raised R790m in an oversubscribed bookbuild, representing a 32% oversubscription from the R600m it had planned to raise. Anton de Goede, property analyst at Coronation Fund Managers, said the results of the bookbuilds were likely valuation driven. Despite a pick-up in general sentiment in SA, this had not b...
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