First residential Reit to list on JSE, raise R400m

Listed group Arrowhead Properties has announced the opening of an offer to invited shareholders to subscribe for shares in its residential property portfolio Indluplace Properties to raise R400-million, as well as the subsequent listing of the subsidiary on the JSE, transforming it into the first dedicated residential Real Estate Investment Trust (Reit) on the Johannesburg bourse. The private placement of 40-million shares at an indicative issue price of R10 apiece was expected to enhance the liquidity and tradability of Indluplace’s shares and provide the company with a platform to raise equity funding to pursue growth and future investment opportunities.