Stenprop raises R458m in private placement to South African Institutions

Posted On Tuesday, 17 March 2015 12:08 Published by
Rate this item
(0 votes)

Proceeds to fund immediate opportunities in Berlin and London.

Paul Arenson

STENPROP Limited a property company listed on the Bermuda Stock Exchange, with a secondary listing on the JSE’s AltX, announced yesterday that it had successfully raised €35 000 000 (R457 975 013) through a substantially oversubscribed private placement to South African institutions.

Paul Arenson, STENPROP CEO, commented: “We are delighted by the interest received from South African investors. The oversubscribed placement demonstrates strong support for our strategy to develop a portfolio with an optimal balance of growth and income assets.

“The capital raised will be deployed on an immediate acquisition of a West End London office property and on opportunities in the Berlin residential market both of which represent strong growth sectors.”

Java Capital acted as sole bookrunner for the private placement. 23 333 334 shares were placed with invited investors at an issue price of R19.6275 per share (being the Rand equivalent of €1.50 at an exchange rate of 13.085).

The new STENPROP shares are expected to list and trade on the JSE’s AltX from the commencement of trade on Friday, 20 March 2015. Following the issue of the new STENPROP shares, the Company will have a total of 272 236 146 shares in issue.

”We welcome our new institutional investors to our shareholder base as we work towards migrating to the JSE Main Board within the next twelve months,” added Patsy Watson, STENPROP CFO.

Last modified on Wednesday, 18 March 2015 11:29

Most Popular

Rebosis Property Fund retail portfolio delivers excellent operational performance despite a tough market

Nov 11, 2019
Sisa Ngebulana REBOSIS
Rebosis Property Fund, the JSE’s first listed black-managed REIT, today reported its…

Massive property auction on behalf of Telkom

Nov 11, 2019
Agricultural Land Beaufort West
GoIndustry DoveBid SA (GoIndustry) is hosting a massive property auction on behalf of…

African Union for Housing Finance (AUHF) Cape Town declaration provides 5 point plan for african governments to address housing finance shortage

Nov 14, 2019
African Union of Housing Finance
Following the successful completion of their 35th Annual Conference, the members of the…

10 SA REITs are among South Africa’s top listed companies

Nov 15, 2019
Estienne de Klerk SA REIT Chairman
South African REITs (real estate investment trusts) have once again excelled among the…

Balwin Properties Limited marks success of Sub-Saharan Africa’s only Crystal Lagoons amenity

Nov 11, 2019
DJI copy
Balwin Properties Limited (Balwin) in conjunction with Crystal Lagoons B.V. (Crystal…

Please publish modules in offcanvas position.