Property firm in bid to raise R2bn
Johannesburg - South Africa’s Hermans & Roman Properties (HRP) started a book-building process on Monday for a private placement in which it hopes to raise R2.039bn and plans to list on the Johannesburg Stock Exchange on May 11.
Results of the offer, in which the Cape Town-based company is selling over 203.9 million linked units, will be out on May 3, it said in a statement.
The Public Invest Corporation is committed to taking up 12.5% of the total issued linked units for a purchase price of R262.4m, it said.
Citi Global Markets has been appointed sole bookrunner and lead transaction sponsor.
HRP will use proceeds of the offer to purchase five properties, including a Zambian shopping centre, valued at R3.636bn. The company with R8.5bn worth of assets under management will also use debt to finance the purchases.