Vukile, owner of the East Rand Mall, is finalising the acquisition of the 25 000m² Alameda retail park in Granada, Spain.Photo: Supplied

JOHANNESBURG - Property company Vukile said on Wednesday it proposed an equity raise of approximately R1.3 billion through the issue of new shares.

"The new shares will be issued under a vendor consideration placing and Vukile’s general authority to issue shares for cash as well as the authorities to issue shares under the Encha equity funding platform," it said.

Vukile said of the equity raised, R250 million may be acquired by Encha SPV and R115 million by management. The remaining equity would be offered to selected investors through an accelerated bookbuild process.

Both public and non-public investors may participate in the vendor consideration placing and only public investors may participate in the equity raise under the company’s general authority to issue shares for cash.

- Africa News Agency (ANA)