JSE-listed real estate investment trustFairvest has raised R250-million in new equity at R2.20 a share to finance the company’s Barra Precinct acquisition, which was announced in December.
The transaction was heavily oversubscribed and the company increased the amount raised owing to strong support from a range of large property funds.
“We are pleased with the outcome of the capital raise. Fairvest is one of the few remaining property funds that are focused purely on the South African market and recent political and economic developments have created a favourable outlook for the country over the short to medium term.”
The company added that the capital raise would provide sufficient headroom to actively pursue yield accretive acquisitions to further enhance the portfolio.
“Our portfolio is well-positioned to achieve distribution growth of between 9% and 10% for the 2018 financial year,” it said.
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