Spear raises R1 billion in oversubscribed bookbuild
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 22 April 2026.
The newly issued shares are expected to list on the JSE on 30 April 2026, subject to the requisite approvals. PSG Capital acted as sole bookrunner and adviser to Spear on the accelerated bookbuild.
Proceeds from the equity raise will 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 will 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.
Commenting on the capital raise, CEO Quintin Rossi said:
“Spear has been built on a foundation of disciplined capital allocation, deep sector knowledge and an actively managed, regionally concentrated portfolio. Our pipeline is both clear and actionable, but importantly, we remain focused on transactions that are accretive to both earnings and net asset value.
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.
The core portfolio also presents embedded value-add opportunities through redevelopment, the unlocking of embedded development bulk, densification and active asset management.”
On 23 March 2026, Spear debuted on the JSE’s All Property Index and SA REIT Index, reflecting increased investor demand and a broadening investor base.
Spear is scheduled to announce its financial results for the year ended February 2026 on 18 May 2026 at 09:00. The presentation will take place in Cape Town and will also be streamed live via the company’s YouTube channel.

























































