Accelerate, Partly Owned By Michael Georgiou, Secures 5.57 Million Capital

Accelerate raises 5.57 million through a fully underwritten rights offer to shore up working capital and fund upgrades at Fourways Mall.

Investec backs the offer, while underwriter picks up 1.03 million in leftover shares after certificated shareholders opt out.

Debt concerns persist as unresolved 44.72 million claim linked to Georgious affiliated firms continues to cloud the REITs recovery outlook.

Accelerate Property Fund, a Real Estate Investment Trust REIT listed on the Johannesburg Stock Exchange and partly owned by South African property mogul Michael Georgiou, has secured R100 million 5.57 million through a fully underwritten rights offer.

The funding will help strengthen the companys working capital and support much-needed upgrades at Fourways Mall, its flagship asset.

The capital raise , first announced on May 30, 2025, involved issuing 250 million new shares at R0.40 each to existing shareholders. The shares were offered on a renounceable basis, with a ratio of roughly 13.92 new shares for every 100 shares held as of July 11, 2025.

The offer was fully backedInvestec Bank Limited subscribed to its full share, while K2016336084 South Africa Proprietary Limited picked up the remaining 46,067,881 shares, investing R18.43 million 1.03 million.

The rights offer comes at a critical time for the REIT, which is under pressure from rising debt and falling property values. Although questions remain about outstanding claims linked to related-party entities tied to Michael Georgiou, the R100 million 5.57 million raise shows that some investors still have faith in the companys turnaround plans.