Fairvest has raised R400m in an accelerated book build through the issue of new Fairvest B shares.
The Fairvest B shares were issued at R4.70, which represented a discount of 1.05% to the 30-day volume weighted average price of R4.75, Fairvest said in a statement on Tuesday.
About 85.1-million Fairvest B shares would be issued pursuant to the existing general authority to issue shares for cash. The book was oversubscribed at that level.
Java Capital acted as sole bookrunner.
The funds raised will be applied to the company’s various capital allocation opportunities, which were strategically aligned and accretive to Fairvest, it said.
Subject to JSE approval, the listing and trading of the new Fairvest B shares are expected to commence on April 2.
In November 2024 Fairvest, a shareholder in Dipula Income Fund since 2014, increased its stake in Dipula from 5% to 26.3%.
The retail-focused real estate investment trust, which owns office, industrial and retail assets, raised R1bn to increase its stake in Dipula. Over the past 20 years, Dipula has shifted away from offices and focused on retail, with plans to continue growing its retail portfolio.
With Noxolo Majavu
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.