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LONDON (Alliance News) - Globalworth Real Estate Investments Ltd on Wednesday said Growthpoint Properties Ltd has received approval from the Financial Surveillance Department of the South African Reserve Bank to participate in Globalworth's fundraise.
European-focused investment firm Globalworth noted the approval was a "principal condition" to the subscription, which was first announced last Thursday. Globalworth expects all remaining conditions to be satisfied and the subscription to become unconditional by December 20.
Last week, Globalworth said it agreed to issue shares at a premium to Growthpoint and Oak Hill Advisors (Europe) LLP to raise a total of EUR200.0 million.
A total of 25.0 million shares will be issued at a price of EUR8.00 each under the fundraise. Growthpoint will subscribe to 23.3 million shares and Oak Hill will take the other 1.7 million shares.
Shares in Globalworth closed down 3.7% at EUR6.50 on Tuesday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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