Investec fund seeks R850m to buy properties in Australia
Trading of shares suspended until Friday as Investec Australia Property Fund starts bookbuild
Investec Australia Property Fund is seeking to raise R850m through issuing 55-million new units, with trading in its share suspended until Friday.
The issue price of A$1.52 (R15.36) represents a 3.8% discount to the group’s closing price on Wednesday and will be used to fund three industrial properties located in Perth, Adelaide and Darwin in Australia.
The fund listed on the Australian Securities Exchange (ASX) in May, having listed on the JSE in 2013. It managed 28 properties across Australia and New Zealand as of the end of March, a portfolio worth A$1.06bn.
Trading in the fund’s shares on the JSE will resume at 9am on Friday.