Sirius Real Estate Ltd - London and Johannesburg-listed property investor - Raises GBP146.6 million via the issue of 170.4 million new shares, representing around 15% of total shares prior to the capital raise. Earlier in the day, it said it sought to conduct a non-pre-emptive placing of new shares to raise about GBP145 million to allow it to buy new properties. The property group said it had identified a pipeline of eight attractive acquisition opportunities that met its criteria. Of these, four are based in Germany and would require around GBP85 million, and four are located in the UK and would require some GBP45 million. Over the last four months, it acquired assets in Liverpool, Barnsley and three in North London for a combined GBP45 million.

Also on Monday, Sirius Real Estate reported its interim profit nearly halved as a result of the revaluation of investment properties, and indicated it intended to raise capital for acquisitions. Pretax profit was EUR39.8 million for the six months that ended September 30, down 47% from EUR75.7 million a year before. This was mainly due to a loss on revaluation of investment properties of EUR10.1 million, from a gain of EUR26.8 million previously. Revenue was up 7.3% to EUR140.1 million from from EUR130.6 million.

Current stock price: ZAR20.25, up 1.4%

12-month change: up 18%

By Greg Rosenvinge, Alliance News senior reporter

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