Green­bay raises R4bn

Shares hugely over­sub­scribed in Mau­ri­tius and the JSE

The Star Early Edition - - COMPANIES - Roy Cokayne

GREEN­BAY Prop­er­ties, which has a pri­mary list­ing on the Stock Ex­change of Mau­ri­tius and a se­condary list­ing on the Jo­han­nes­burg Stock Ex­change AltX, has raised about R4 bil­lion through a sig­nif­i­cantly over­sub­scribed ac­cel­er­ated book-build, af­ter ini­tially seek­ing to raise R2bn.

The com­pany an­nounced a planned eq­uity raise of R2bn be­fore 8am on Tues­day through the is­sue of new or­di­nary shares in the com­pany, sub­ject to the pric­ing be­ing ac­cept­able.

How­ever, Green­bay sub­se­quently an­nounced that it had in­creased the amount of eq­uity to be raised on the JSE to R4bn at R1.97 a share and on the Stock Ex­change of Mau­ri­tius at €0.126 (R1.97) a share, be­cause of the sub­stan­tial de­mand for its shares in re­sponse to its ear­lier eq­uity rais­ing an­nounce­ment.

The ac­cel­er­ated book-build process closed at 11.30am South African time on Tues­day, re­sult­ing in the rais­ing of R4bn through the place­ment of 2.03 bil­lion new shares on its South African and Mau­ri­tian reg­is­ters at the an­nounced prices.

Green­bay, which in­vests glob­ally in di­rect prop­erty and in listed real es­tate and in­fra­struc­ture com­pa­nies, in­clud­ing qual­ity real es­tate in­vest­ment trusts (Reits) such as Si­mon Prop­erty Group and Gen­eral Growth, said the pro­ceeds from the eq­uity raise would be in­vested in line with its in­vest­ment pol­icy.

How­ever, Green­bay con­firmed it was cur­rently eval­u­at­ing fur­ther sig­nif­i­cant di­rect re­tail op­por­tu­ni­ties in Europe.

At end-March this year, Green­bay owned prop­erty as­sets val­ued at £488.6 mil­lion (R8.43bn), with the ma­jor­ity of th­ese as­sets sit­u­ated in Europe, the UK and US, with some ex­po­sure in Aus­tralia, Canada and Sin­ga­pore. The ac­cel­er­ated book-build fol­lows another eq­uity raise in May this year.

This re­sulted in Green­bay rais­ing about R1.15bn through an ac­cel­er­ated book-build and the place­ment of 620 mil­lion new shares at R1.86 a share on the South African reg­is­ter of the com­pany in a sig­nif­i­cantly over­sub­scribed ac­cel­er­ated book-build.

Shares in Green­bay stayed flat on Tues­day to close at R2.05.

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