IAPF rights offer to raise up to R690m

Investec Australia Property Fund intends to undertake a partially underwritten rights offer to raise up to R690m.

Johannesburg - Investec Australia Property Fund (IAPF), the Australian domiciled fund that is listed on the JSE, intends to undertake a partially underwritten rights offer to raise up to R690 million.

IAPF plans to issue of 59.56 million new units in the ratio of 23.54653 new units for every 100 units held with units priced at R11.58 each, which represents a 7.4 percent discount to the 30-day volume-weighted average price of the units listed on the JSE at the close of business on January 14.

The rights offer will open on February 8 and close on February 19. The announcement follows a year of portfolio enhancing property acquisitions for IAPF.

Shares dropped 0.96 percent to close at R13.35 on Friday.

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