The transaction was heavily oversubscribed and the company increased the amount raised owing to strong support from a range of large property funds.
“We are pleased with the outcome of the capital raise. Fairvest is one of the few remaining property funds that are focused purely on the South African market and recent political and economic developments have created a favourable outlook for the country over the short to medium term.”
The company added that the capital raise would provide sufficient headroom to actively pursue yield accretive acquisitions to further enhance the portfolio.
“Our portfolio is well-positioned to achieve distribution growth of between 9% and 10% for the 2018 financial year,” it said.
- Links: Engineering News
More in NewsRead More »
- Emira delivers positive FY18 performance with 2.53% distribution increase
- Redefine maintains full-year distribution growth guidance at 5%
- Raubex closes two businesses amid low govt infrastructure spend
- WSU awards Sisa Ngebulana honorary doctoral degree in commerce
- Growthpoint Properties issues maiden $425m eurobond, lists on JSE green bond segment