Africa-Press – South-Africa. Real estate investment trust (REIT) Spear, which focuses solely on the Western Cape property market in South Africa, has completed its accelerated bookbuild.
The REIT managed to raise R1 billion from qualifying investors, with the capital raise attracting strong demand and being multiple times oversubscribed.
In an announcement to shareholders released on Thursday, 23 April, Spear said a total of 78.74 million new ordinary shares were placed at an issue price of R12.70 per share.
This represents a 0.1% premium to the company’s 30-day volume-weighted average traded share price on 22 April 2026.
These newly issued shares are expected to list on the JSE on 30 April 2026, subject to the requisite approvals.
PSG Capital acted as sole bookrunner and adviser to Spear on the accelerated bookbuild.
Spear plans to use its R1 billion boost in line with its investment strategy, which will include acquiring convenience retail, commercial, and industrial assets in the Western Cape.
Spear stands out among South Africa’s other listed REITs for its exclusive focus on this one regional property market, branding itself “The Western Cape REIT”.
The REIT’s portfolio currently consists of 39 assets with a total value of R5.53 billion and spanning a gross lettable area of 487,418 m2.
Some of the most recent additions to its portfolio include the Watergate Centre in Mitchells Plain, Maynard Mall in Wynberg, and Berg River Business Park in Paarl.
“Spear has been built on a foundation of disciplined capital allocation, deep sector knowledge and an actively managed, regionally concentrated portfolio,” CEO Quintin Rossi said.
“Our pipeline is both clear and actionable, but importantly, we remain focused on transactions that are accretive to both earnings and net asset value.”
Rossi said Spear will continue seeking out strategy-aligned acquisition opportunities to deliver meaningful value to shareholders.
“The core portfolio also presents embedded value-add opportunities through redevelopment, the unlocking of embedded development bulk, densification and active asset management,” he said.
For More News And Analysis About South-Africa Follow Africa-Press
