Equites Property Fund lists on JSE

Equites Property Fund, the Western Cape-based property investment fund manager and developer, listed on the main board of the JSE yesterday following a successful capital raising of R650 million. It raised the R650m through an oversubscribed private placement of 65 million shares at an issue price of R10 a share with South African investors. It listed 95.5 million shares on the JSE and, assuming all its post-listing acquisitions were finalised, will have a portfolio of 17 industrial and office properties valued at R1.2 billion. The shares closed yesterday at R10.75, having recorded a low of R10.21 and a high of R11. Andrea Tavern-Turisan, the chief executive, said Equites was proud shareholders had shown faith in the fund. – Roy Cokayne