South African private bank and wealth manager, Investec, will launch an initial public offering (IPO) of its property unit, Bloomberg reports. Investec Property Fund is expected to raise about $254.2 million through the offering.

The unit’s portfolio comprises of 29 properties, including Investec’s offices in Durban and Woolworths House in Cape Town. The shares are expected to be listed on the Johannesburg Stock Exchange on April 14, 2011.

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Click here for the additional coverage from Reuters.