Sydney, Australia. Picture: THINKSTOCK
Sydney, Australia. Picture: THINKSTOCK

Investec Australia Property Fund has raised A$102m (R1bn) by selling 76.9-million new units on the Australian Securities Exchange (ASX) at A$1.32 apiece.

The fund said earlier in May it would seek a primary listing on the ASX, in addition to its primary listing on the JSE.

“The offer was very well received by both institutional and retail investors, closing oversubscribed,” Investec Australia Property Fund said in a statement on Friday.

The proceeds would be used to repay debt and to pay the costs of the listing.

To accommodate oversubscriptions received under the offer, anchor unit-holder Investec Property Fund will sell 45-million units in the fund to certain institutional investors, reducing its stake to 9.9%.

Graeme Katz, CEO of the fund, said: “We are delighted with the strong reception and support from both institutional and retail investors, and in particular we are pleased to see such strong appetite from investors in Australia to list on the ASX.”

The new units will start trading in Australia in late May.

hedleyn@businesslive.co.za