File picture: James White

Johannesburg - Hyprop has raised R700 million in an accelerated book-building process.

Read also: Hyprop embarks on overseas expansion

The company launched the process yesterday with the aim of raising about R500m, but the amount increased to R700m due to strong demand.

The capital was raised at a price of R135 a share, which represented a 4.2 percent premium to the 30-day volume weighted average price.

Hyprop took its first step towards expanding to emerging markets outside of Africa earlier this year with the acquisition of a 60-percent interest in two shopping malls in Serbia and Montenegro for e121.65m.

Chief executive Pieter Prinsloo said at the time that the company envisaged growing Hyprop’s central and eastern Europe property portfolio over five years.

Shares fell 3.33 percent to R136.72 on the JSE yesterday.