Investec Australia Property Fund (IAPF) has announced it has closed its offer earlier than expected due to strong investor demand and is expected to list on the Australian Securities Exchange (ASX) on Tuesday, 28 May.
The fund said it successfully raised a total of AUD 102 million through the proposed issue of 76.9 million new units (offer), which was significantly oversubscribed. To meet this demand, a further 45 million units will be sold to certain institutional investors who participated in the offer.
The early closure of the offer followed a local roadshow led by joint lead managers, J.P. Morgan and Macquarie Capital, which attracted interest from property specialist funds and general equities funds.
IAPF has a mandate to invest in office, industrial and retail properties both in Australia and New Zealand and has currently a portfolio of 28 properties.
“We are particularly pleased to see such strong appetite from Australian investors to list the fund on the ASX,” the fund’s chief executive, Graeme Katz, said.
“Demand was strong, given the current and ongoing outlook for industrial and office properties in Australia and New Zealand.
“The fund’s primary listing on the ASX, in addition to its current primary listing on the JSE, will set it up for the future and will stand to benefit our unitholders, existing and new.”