Hermans & Roman Properties Ltd. (HRP), a South African real-estate investor, plans to raise 2.04 billion rand ($261 million) selling stock to selected investors before its listing on the Johannesburg bourse on May 11.
South Africa’s Public Investment Corp., the government pension fund investor, will buy shares worth 262.4 million rand, Cape Town-based Hermans & Roman said in its pre-listing statement today. The company will use proceeds from the offering and bank debt to pay for properties worth 3.6 billion rand in its portfolio.
Hermans & Roman, which manages assets worth a further 8.5 billion rand on behalf of clients in South Africa and Zambia, will “pursue further acquisitions of regionally prominent” properties in Africa’s largest economy other sub-Saharan African countries, it said.
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