Johannesburg-listed Investec Australia Property Fund Ltd. said work on its plan to pursue a dual listing in Australia is underway and that the IPO of the real estate investment trust will be launched when market conditions permit.
The company said that since it flagged the plan in the 2017 half-year, there has been "a shift in the price of global bonds and corresponding weakness in the Australian REIT market." Consequently, it decided that market conditions are not conducive for listing yet.
In addition, Investec has hired Macquarie Bank and J.P. Morgan to assist on the ASX listing, and that an early 2018 nondeal roadshow for selected local institutional investors received positive feedback.
The company did not provide a timeline for the REIT listing in its latest earning statement but CEO Graeme Katz told The Australian Financial Review in a May 16 report that the dual listing could happen within 2018.
