Investec Property Fund (IPF) said on Thursday it is launching an accelerated offering of shares to raise up to R500m.
The offering will be made to selected investors through an accelerated book-build process.
At its results presentation for the six months ended September 2013, the fund announced R1.6bn of debt-funded acquisitions and invested R235m in Investec Australia Property Fund‚ which will result in the fund’s gearing increasing to 30.1%.
The proceeds of the accelerated book-build will be used to reduce the gearing after the acquisitions to between 20% and 25% and thus provide room to pursue further acquisitions‚ it said. The book-build opens with immediate effect. Investec Bank is acting as sole bookrunner.
