Johannesburg - MAS Real Estate raised R500 million on Friday through an accelerated book build.

The company said the placement of new ordinary shares on the South African register at R19.50 a share and on the Luxembourg register at e1.2412 a share was oversubscribed.

It said the proceeds of the placement would be used to partly fund the acquisition in March of a portfolio of properties in Germany and to position the company for investment in line with its strategy to build a balanced real estate portfolio across the wider European market.

Shares closed 4.83 percent lower on Friday at R19.51.