Johannesburg - Liberty Two Degrees, the newly established real estate investment trust (Reit), successfully placed units worth a total of R3.8 billion ahead of its planned listing on the JSE on December 6.

The company said yesterday that about R2.8bn was raised through the issue of 200 million Liberty Two Degrees units at 10 a unit to invited investors, while 82.1 million units were issued at R9.50 a unit to Liberty Group, which used new policyholders’ funds raised for investment in Liberty Two Degrees.

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In terms of the secondary placement, Liberty also sold 100 million units at R10 a unit to invited investors.

The Liberty Two Degrees units placed on listing represent 33 percent of Liberty Two Degrees units in issue.

An application has been made for the listing of 908.4 million units in the diversified Reits sector on the main board of the JSE effective from the commencement of trade on December 6.

BUSINESS REPORT