Hyprop raises R400m in accelerated bookbuild
Retail-focused real estate investment trust (Reit) Hyprop has raised R400-million in an oversubscribed accelerated bookbuild.
Hyprop on December 3 set out to raise R300-million to fund various projects and to position itself for potential acquisitions it is evaluating.
The Reit noted in a December 3 statement that it has an organic growth pipeline and potential acquisitions, which it proposes to fund through recycling opportunities in its Gauteng portfolio and that it has a capital expenditure (capex) budget of about R850-million for the current financial year, which includes the Phase 2 Somerset Mall extension and which it plans to fund from existing liquidity.
In addition, it aims to undertake a number of solar projects in its South African portfolio, which will deliver returns in excess of 20%, as well as a food court upgrade in Canal Walk, which are not included in its current year's capex budget.
In a December 4 update to the market, the company confirmed that the book was more than four times oversubscribed at a price of R54.50 a share. In light of the strong demand, Hyprop increased the capital raise and accepted offers of R400-million.
Accordingly, Hyprop will issue about 7.34-million new Hyprop shares in terms of the company's existing general authority to issue shares for cash.
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