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Growthpoint wants more money

Growthpoint Properties said on Tuesday (21 May) it wants to raise R2.5bn by issuing new Growthpoint-linked units.

22 May 2013

The money would be used as part of Growthpoint's broader funding strategy for its pipeline of "high-quality‚ distribution-enhancing investments and for other opportunities within the South African and Australian markets"‚ the company said.

The equity is being offered to South African and offshore institutional investors.

"Growthpoint currently has a significant pipeline of identified acquisition opportunities‚ of which a number are well advanced. For clarity‚ this acquisition pipeline excludes the Fountainhead portfolio," it said.

Growthpoint is the largest listed property company in SA‚ owning and managing a portfolio worth R54.8bn. The company intends to convert to a real estate investment trust (Reit) as soon as possible after the end of its financial year.

Given that the Growthpoint linked units would be issued under Growthpoint's general authority‚ the accelerated book build was only open to public shareholders as defined in the JSE listings requirements‚ the company said.

The book build‚ run jointly by Deutsche Bank and Investec Bank‚ "opens now and may close any time thereafter"‚ Growthpoint said.

Source: I-Net Bridge

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