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Sirius Real Estate set to raise GBP150 million after share placing

11th Jul 2024 08:41

(Alliance News) - Sirius Real Estate Ltd said on Thursday it will raise GBP150 million through share placing to acquire more assets.

The London- and Johannesburg-listed property investor first announced on Wednesday it planned a capital raise to fund its acquisition pipeline.

On Thursday, it said it will issue 159.6 million new shares to raise GBP150 million, representing about 12% of the issued share capital.

The offer price of 94 pence represents a discount of around 3.5% to the closing share price of 97.45 pence on Wednesday. The offer represents a discount of about 2.1% to the volume weighted average price on the JSE over the thirty trading days prior to Wednesday of 96.05p.

Sirius said it was "pleased" with the "strong" support it has received from new and existing investors.

BlackRock subscribed for 17.7 million offer shares, representing an aggregate consideration of approximately GBP16.7 million.

The latest round of capital raise comes shortly after secured GBP147 million in November for acquisitions. Between December 2014 and March 2024, Sirius acquired 58 assets at a total investment amount of GBP879.1 million.

"The success of this capital raise is a strong endorsement of our ambitious growth strategy and operational track record, having recently announced our tenth year of both annualised rental growth above 5% and dividend increases," Sirius Chief Executive Officer Andrew Coombs said.

Shares in Sirius rose 1.8% to ZAR22.77 on Thursday morning in Johannesburg. In London, they gained 0.6% to 98.00 pence.

By Artwell Dlamini, Alliance News reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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