Tim Watts, CFO at Shield Therapeutics #STX presenting at our Life Sciences Investor Briefing Watch Now

Grit Real Estate Plans Share Placing For Debt Reduction, Acquisitions

Wed, 11th Sep 2019 09:36

(Alliance News) - Grit Real Estate Income Group PLC said Wednesday it hopes to carry out a placing to reduce debt and make progress on its investment pipeline.

The pan-African real estate company will place up to 280 million shares, but it did not disclose the price of the placing. However, it said it would not be less than the most recently published net asset value per share.

As at December 31, Grit reported a net asset value of USD1.356 per share. This implies a placing worth a minimum of USD379 million.

Proceeds from the placing will go towards reducing bank debt in line with the company's overall gearing target of between 35% to 40% loan to value.

In addition, Grit is looking to work on its current and future investment pipeline. There are 13 identified targeted acquisitions valued in excess of USD470 million ranging from completed assets to developments.

Grit will hold the general meeting on October 11, where it will propose the share issue to shareholders.

Shares in Grit Real Estate were untraded in London at USD1.36, as were Johannesburg shares on Wednesday at ZAR16.80.

Related Shares

More News

Grit Real Estate Plans Share Placing For Debt Reduction, Acquisitions

(Alliance News) - Grit Real Estate Income Group PLC said Wednesday it hopes to carry out a placing to reduce debt and make progress on its investment pipeline.The pan-African real estate up

11 Sep 19 09:36

Grit Real Estate To Replace More On Board Amid South Africa Inquiry

LONDON (Alliance News) - London and Johannesburg-listed Grit Real Estate Income Group Ltd said Thursday the South African Public Investment Corp has requested the company to replace Matshepo More

4 Apr 19 15:01

DIRECTOR DEALINGS: Grit Real Estate CEO Sells ZAR1.6 Million In Shares

LONDON (Alliance News) - Grit Real Estate Income Group Ltd said on Friday that Bowwood and Main No 117 Pty Ltd, an associate of Chief Executive Officer Bronwyn Corbett, sold ZAR1.6 million in on a

1 Mar 19 12:48

DIRECTOR DEALINGS: Two Grit Real Estate Directors Buy Shares

LONDON (Alliance News) - Grit Real Estate Income Group Ltd said on Friday that two directors purchased shares in the company on Friday last week and Monday.On Friday last week, Chief bought

19 Feb 19 12:45

Login to your account

Don't have an account? Click here to register.