Equites raises R558m in debt auction
JSE-listed real estate investment trust (Reit), Equites Property Fund has raised R558-million through the public auction of three-year and five-year listed senior unsecured floating rate notes in the South African debt capital market.
Equites raised R188-million in a three-year note maturing November 2027 and R370-million in a five-year note maturing November 14, 2029.
The Reit says both notes cleared at the bottom of the price guidance that was distributed to the market prior to the auction.
EQT022, the three-year note, cleared at 110 basis points over three-month Johannesburg Interbank Average Rate (Jibar), and EQT023, the five-year note, cleared at 125 basis points over three-month Jibar.
Equites says these are the lowest levels at which it has raised listed debt funding since inception in 2014.
It notes that the auction was well supported by leading financial institutions. In total, bids of R1.7-billion were received, resulting in an oversubscription on issuance volume of three times.
In achieving the tightest spreads for listed debt in the South African real estate sector, Equites says it has been able to benefit from a momentum swing towards property, particularly the logistics sector, given the high-quality South Africa and UK portfolio of the company with near-zero vacancies and a weighted average lease expiry over 14 years.
“The outstanding results of this debt auction clearly illustrate the deep support Equites receives from South African financial institutions due to the strength of Equites’ balance sheet underpinned by the R28-billion of high-grade logistics facilities which Equites develops for, and leases to, world-class tenants,” says Equites treasurer and head of risk management Warren Douglas.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...
VISIT SHOWROOM
In 1958 John Deere Construction made its first introduction to the industry with their model 64 bulldozer.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
