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Property firm in bid to raise R2bn

Apr 23 2012 12:52
Reuters
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.
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