Redefine Properties raises R1.3bn through book-build

Redefine Properties on Tuesday (26 November) raised R1.3bn through an accelerated book-build‚ with its offer of linked units at R9.60 - a 4% discount to Monday's closing price of R10. The offer was over-subscribed by 1.5 times.
Redefine has bought 51% of Maponya mall and will pay for it through the book-building exercise that raised R1,3bn. Image:
Redefine has bought 51% of Maponya mall and will pay for it through the book-building exercise that raised R1,3bn. Image:Mall Guide

The proceeds of this placement would be used to fund purchases worth R3,4bn. Among others, Redefine, will pay R727m for a 51% stake in Maponya Mall in Soweto.

The new linked units will be issued by Redefine under its general authority to issue linked units for cash and its authority to issue linked units to fund the acquisition of property assets.

The placement was offered to qualifying investors. "Pricing and allocations would be announced as soon as practical following the closing of the book," Redefine said. Java Capital and Rand Merchant Bank‚ acted as joint book-runners.


 
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