25 Argyll, the office property in West End, London.
STENPROP Limited (“STENPROP”), a property company listed on the Bermuda Stock Exchange, with a secondary listing on the JSE’s AltX, announced yesterday that it had successfully raised €35 000 000 (R457 975 013) through a substantially oversubscribed private placement to South African institutions.
Paul Arenson, STENPROP CEO, commented: “We are delighted by the interest received from South African investors. The oversubscribed placement demonstrates strong support for our strategy to develop a portfolio with an optimal balance of growth and income assets.”
“The capital raised will be deployed on an immediate acquisition of a West End London office property and on opportunities in the Berlin residential market both of which represent strong growth sectors.”
Java Capital acted as sole bookrunner for the private placement. 23 333 334 shares were placed with invited investors at an issue price of R19.6275 per share (being the Rand equivalent of €1.50 at an exchange rate of 13.085).
The new STENPROP shares are expected to list and trade on the JSE’s AltX from the commencement of trade on Friday, 20 March 2015. Following the issue of the new STENPROP shares, the Company will have a total of 272 236 146 shares in issue.
”We welcome our new institutional investors to our shareholder base as we work towards migrating to the JSE Main Board within the next twelve months,” added Patsy Watson, STENPROP CFO.