Vukile Property Fund, the retail landlord is launching an equity raise targeting about R500m through the issue of new shares, the group said on Monday.
Vukile owns malls in SA and has a stake in a company called Castellana Properties which owns malls in Spain.
The equity raise will be implemented through an accelerated book build process. The book build is now open and the company reserves the right to close it at any time and increase the size of the equity raise subject to demand.
The new shares, when issued, will be credited as fully paid and will rank pari passu in all respects with existing shares.
The pricing and allocations will be announced as soon as is reasonably practicable following the closing of the book build, it said.
Settlement will occur on Wednesday, April 5 2023.