JOHANNESBURG - Dipula, the JSE-listed diversified real estate investment trust, has raised about R790million through a successful bookbuild.
The bookbuild opened on Tuesday morning with Dipula indicating that it planned to raise about R600m through the issue of a combination of new Dipula A and Dipula B ordinary shares, but had raised R790m when it closed later in the day.
Izak Petersen, the chief executive of Dipula, said yesterday they were very pleased with the capital raise, because it was about 32percent oversubscribed.
Petersen said the capital was intended to fund the acquisition of a R1.25billion portfolio. “The capital will enable us to continue realising our strategy of growing our fund through strategic acquisitions,” he said.
The acquisition, which once finalised would boost the total value of Dipula’s portfolio to more than R8bn, was first announced in November last year .
The portfolio being acquired comprises retail, office and industrial properties with a gross lettable area of 340221m². It includes two retail properties in Gauteng, Chilli Lane and Chilli on Top; six office properties across Gauteng and the Western Cape; two redevelopment properties; and the acquisition of a 50.01percent stake in a company owning a portfolio comprising predominantly industrial properties in KwaZulu-Natal, the Eastern Cape, Mpumalanga, Gauteng and North West.
- BUSINESS REPORT