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.