Johannesburg - Spear Reit has received JSE approval to list as a diversified real estate investment trust (Reit) on the AltX on November 11.
The company said on Monday that, although it would initially list on the AltX, its intention was to migrate over time to the main board of the JSE.
It is looking to raise R300 million with the listing but about R187.5m has already been committed via a pre-placement of 23.3 million shares.
Prior to the listing, the company planned to raise up to R112.5m through a private placement with invited investors.
Spear’s property portfolio comprises 24 properties throughout the Western Cape and a single property in Gauteng valued at a total of about R1.39 billion.
It said its portfolio had a total gross lettable area of 171 786 square metres and comprised a well-balanced mix of residential (5 percent), industrial (37 percent), retail (22 percent), office (27 percent), hospitality (7 percent) and other (2 percent) assets.
BUSINESS REPORT