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    Fourways Mall co-owner initiates R200m rights offer

    The co-owner of Johannesburg's Fourways Mall aims to raise R200m from current shareholders.
    Source: Supplied.
    Source: Supplied.

    Accelerate Property Fund (APF), owning half of the mall, plans a R200m rights offer to settle debts and realign finances, especially concerning Fourways Mall.

    After its expansion in September 2019, Fourways Mall emerged as South Africa's largest shopping centre, boasting 178,000m² and 350 stores. But with a reported increase in vacancies from 14,349m² in March 2023 to 15,109m² in September 2023, the mall's owners are feeling the pinch.

    The rights offer will release 500 million ordinary shares, known as Rights Offer Shares, at a subscription price of 40 cents each.

    The group initially aimed for R300m, but opted for a R200m rights offer instead.

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