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Capital raises show the investor preference for offshore exposure

Craig Smith
Head Research & Property
Anchor Stockbrokers 

Around R31bn of equity capital was raised on the JSE in the listed property sector during the first eight months of the year. This is almost as much as the R39bn total equity capital that the sector raised during the entire 2016 year.

Significantly, equity capital raises for REITs and listed property companies on the JSE, with significant offshore exposure – whether direct and indirect -- have been considerably oversubscribed, including the likes of Resilient, Greenbay and MAS plc

This indicates to us that offshore property exposure is preferred by institutional investors.

Year

Primary Equity Raised *

Secondary Equity Raised **

Total Equity Raised

2010

1

5

6

2011

4

21

25

2012

2

16

18

2013

4

33

38

2014

4

65

69

2015

6

47

53

2016

5

35

39

2017

0

31

31

TOTAL

26

253

279

Amounts in the table are up until the end of August 2017

 

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