Grit to seek LSE listing, raise $120m for acquisitions
Pan-African real estate company Grit Real Estate Income Group plans to list on the LSE.
The company, which is focused on real estate investment assets in selected African countries, is already listed on the JSE, as well as the Stock Exchange of Mauritius.
“Our planned listing on the LSE will create a compelling opportunity for UK and other equity investors to gain exposure to the African real estate sector, which offers some of the best returns in the global property market.
“We have a proven record of generating income from our selective and diversified range of assets, built through our close and detailed understanding of the region’s property investment environment. The listing will support our aim to grow our portfolio further and become the leading real estate owner on the African continent outside South Africa,” CEO Bronwyn Corbett commented on Tuesday.
Grit expects to list on the LSE during July.
In addition to the planned LSE listing, the company is planning to raise about $120-million in a private placement through the issue of up to 250-million new ordinary shares at a price of $1.43 a share.
The net proceeds of the private placement will be used to acquire assets in Ghana and Mozambique, in addition to other territories, as well as to reduce the group’s level of gearing.
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