15th Dec 2020 13:48
Grit Real Estate Income Group Ltd - pan-African property investor and manager - Plans to raise USD10 million in share placing run by finnCap Ltd, with the cash to be used for general corporate purposes. The price per share will be set in an accelerated bookbuild on Tuesday, and M&G Investment Management Ltd has committed to offer to buy all of the placing shares that other investors don't. The equity raise comes as Grit reports a 19% decline in EPRA net asset value per share in its recently completed financial year to USD1.186 on June 30 from USD1.471 a year before. The portfolio was valued at USD823.5 million on June 30, down slightly from USD825.2 million a year before. Distributable earnings per share fall 22% to 9.58 US cents from 12.20 cents, resulting in Grit skipping a final dividend, cutting its annual payout by 57% to 5.25 US cents from 12.20 cents. Says its EPRA portfolio occupancy rate declined to 94.1% in the recent year from 97.1%.
"COVID-19 has created a challenging backdrop, which has impacted Grit's business over the past six months, but we are continuing to take actions to ensure Grit remains financially robust with sufficient financial headroom and further strengthen its position to successfully navigate this period of economic uncertainty," says Chief Executive Officer Bronwyn Corbett.
Current stock price: 47.52 pence
By Tom Waite; [email protected]
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