Spear REIT CEO Quintin Rossi
Image: Supplied
Western Cape-focused real estate investment trust Spear REIT has completed an accelerated bookbuild, raising R1 billion from qualifying investors.
The capital raise attracted strong demand and was multiple times oversubscribed. A total of 78 740 158 new ordinary shares were placed at an issue price of R12.70 per share, representing a 0.1% premium to the company’s 30-day volume weighted average traded share price on April 22, 2026.
“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 in a statement.
“Our pipeline is both clear and actionable; but importantly, we remain focused on transactions that are accretive to both earnings and net asset value.”
Proceeds from the equity raise would be deployed in line with the company’s investment strategy, including the acquisition of convenience retail, commercial, and industrial assets in the Western Cape.
Funds would also be used to advance its brownfield development pipeline, comprising upgrades and expansions within its existing portfolio, as well as asset management initiatives, including the expansion of its solar PV portfolio.
“Spear will continue to seek out strategy-aligned acquisition opportunities, supported by our active and hands-on asset management approach, to deliver meaningful value to shareholders,” said Rossi.
“The core portfolio also presents embedded value-add opportunities through redevelopment, the unlocking of embedded development bulk, densification, and active asset management.”
On March 23, 2026, Spear debuted on the JSE’s All Property Index and SA REIT Index, reflecting increased investor demand and a broadening investor base.
Spear's share price fell 2.99% to R13 on the JSE Thursday afternoon, but the price is well up from R9.40 a year before.
BUSINESS REPORT