Investec Property Fund to issue 113m new shares

Investec Property Fund (IPF) said on Thursday it would issue 113.220 million of its new shares at R13.82 per share to raise R1.56bn‚ aimed to fund a number properties it has acquired‚ together valued at R1.9bn.

Shareholders holding directly and indirectly 70.90% of the company’s shares in issue have provided irrevocable commitments to take up their rights in the rights offer‚ Investec said in a statement.

The rights offer issue price of R13.82 per share effectively includes an estimated accrued distribution of 57 cents for the period from April 1 to November 4‚ which will be distributed to shareholders when the fund makes its interim distribution during December 2012 and final distribution during June 2013.

Excluding the accrued distribution‚ the rights offer linked units will be issued at R13.25 per share.