Print this page

Investec Property Fund to relist on JSE

Posted On Thursday, 07 April 2011 02:00 Published by Commercial Property News
Rate this item
(0 votes)

Investec Property Fund has announced that it will relist on the JSE with effect from April 14.

Investec Property FundInvestec Property Fund (IPF) announced on Wednesday that it would relist on the JSE with effect from April 14.

The fund said one of the main purposes behind the listing was to provide its investors, both institutional and private, with an opportunity to participate over the long term in the income streams and future capital growth of the fund.

The group would also obtain a "spread of investors in order to enhance the liquidity and tradability of the linked units; provide the fund with access to capital markets; provide the fund with access to a central trading facility, thereby providing liquidity to linked unit holders", Investec said.

The fund said it had obtained approval from the JSE to list 170 million linked units, subject to the fund confirming the required spread of linked unit holders.

On April 1, 170 million linked units were issued to Investec at a subscription price of R10.

In terms of this subscription, Investec acquired a 100% interest in the fund, thereby raising total subscription proceeds of R1.7 billion.

The fund has since utilised the bulk of these proceeds to acquire the property portfolio.

The surplus subscription proceeds remaining in the fund would be utilised for working capital requirements.

Sam Leon, Investec Property Fund CE, said: "We look forward to our return to the listed property sector through the listing of the Investec Property Fund.

As big trees grow from small seeds, so too do we see this fund as a platform from which we can grow and expand our asset base and optimise returns in the medium to long term as we have done before."

Last modified on Monday, 10 June 2013 22:29

Related items