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Accelerate raises R500m in bookbuild

31st July 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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JSE-listed Accelerate Property Fund has raised R500-million in an accelerated bookbuild, through the placing of 76.5-million new shares at R6.53 apiece.

The proceeds would be used to reduce a portion of the company’s acquisition debt, including for the acquisition of the KPMG-tenanted properties in Parktown, and to provide it with additional balance sheet flexibility to pursue further value-enhancing acquisitions that were currently being assessed.

The issue price represented a discount of 5% to the 30-day volume weighted average price of Accelerate shares as at July 30. 

Subject to approval by the JSE, listing and trading of 61.2-million new shares was expected to start at 09:00 on August 7.

The issue of the remaining 15.3-million shares to Fourways Precinct would be subject to shareholder approval.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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