An investor is reflected in a window displaying a board showing stock prices at the Australian Securities Exchange in Sydney
PRETORIA - The Investec Australia Property Fund (IAPF), the Australia-domiciled fund listed on the JSE, has raised about R650million through an oversubscribed accelerated book build that was significantly increased because of high demand. 

The fund announced the launch of the accelerated book build early yesterday and initially planned raise about R330m through the issue of new units subject to pricing acceptable to the company. 

A total of 49.5m new IAPF units were placed in the book build at a price of R13.20 a unit. The issue price represented a discount of 2.6percent to the volume-weighted average traded price of IAPF units on the JSE over the 30 business days to November 15 and a discount of 3.7percent to the closing price on Wednesday. 

It said the equity raised would be used in part to fund the acquisition of a prime-grade office property, The Majestic Centre, in Wellington in New Zealand. The fund announced the acquisition, its first in New Zealand, on Monday. The Majestic Centre will be acquired for NZ$123.17m (R1.2billion). Shares in the IAPF fell 2.55percent to close at R13.35 yesterday.