Investec Australia Property Fund closed its IPO earlier than expected and raised A$102 million from its offering of 76.9 million new units priced at A$1.32 apiece.
The diversified real estate investment trust said the offer was oversubscribed significantly. An additional 45 million units owned by South African shareholder Investec Property Fund Ltd. will be sold to certain institutional investors who participated in the offer, in order to meet the excess demand.
Units in the fund will commence trading on the ASX on a deferred settlement basis May 28, while normal trading in the shares will start May 30.
J.P. Morgan and Macquarie Capital are joint lead managers for the offering.
The fund, primary listed on the Johannesburg Stock Exchange, is mandated to invest in office, industrial and retail properties in Australia and New Zealand. Its portfolio comprises 28 properties with a 99.4% occupancy rate and a weighted average lease expiry of 4.7 years.