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The pan-African real estate fund Grit Real Estate raised $ 132 million on the eve of its debut on the main market of the London Stock Exchange (LSE).
This shows that British investors are increasingly interested in African real estate Bronwyn Corbett, CEO of Grit, said
that she had chosen to make an LSE listing because she thought it would be easier to raise funds in the UK than in 2018.
"Since we started, it has been difficult to attract the South African investors who viewed Africa as a risky continent to invest in and did not look at African markets individually. " 19659002 "Much of the investment that could have been made in Grit had been spent."
Funds raised from emerging and frontier market investors through placement of 92,373,610 shares Ordinary priced at $ 1.43 per share
s Shopping centers should be considered emerging markets or not as developed as emerging markets.Many of them were in Africa, said Corbett
The company was to join a number of British indices after the list and would have a market capitalization of about R5.2bn on the listing.
Grit, the first Mauritian – Corbett said: [TRADUCTION] South African investors initially hesitated to buy in Grit when it is listed inside the AltX index of the Johannesburg Stock Exchange. Then called Delta Int International and owned $ 142 million in badets. His holdings are now worth about $ 588.5 million.
Keillen Ndlovu, head of listed real estate funds at Stanlib, said that there had not been a lot of real estate badets investable in Africa for several years.
Over the past four years, Grit has acquired a significant portfolio focused on properties with long dollar denominated leases.
Grit owns hotels, shopping centers, offices and distribution centers in countries such as Botswana, Mauritius, Mozambique and Morocco. .
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