A leading African real estate investment firm announced its plan to float on the London Stock Exchange today, as it hopes to raise $120m (£90m) in a move to expand its property portfolio across the continent.
GRIT Real Estate Income Group, which invests in seven African countries, is aiming to raise proceeds to buy assets in Mozambique and Ghana, as well as to expand out to markets such as Senegal and Seychelles.
As part of the London floatation, the property group will sell up to 250m new shares at $1.43 per share or the equivalent of net asset value currently, with target returns being set at 12 per cent per year.
Bronwyn Corbett, chief executive of GRIT, told City A.M : "For the growth of our business we believe the UK is the right market right now. London has such a rigorous process and ticks the box."
Corbett added: "Africa might seem like a very far away place but we believe that bringing this to the investor market right now makes absolute sense. We are very excited to be on a platform that will launch us into the next stage of growth."
Mauritius-based GRIT, which describes itself as the "leading real estate owner on the African continent outside South Africa", has enjoyed strong growth in sub-Saharan Africa in the last three years, benefiting from the continents rapid urbanisation and growing middle-class.
A spokesperson for GRIT added: "We have always been looking to diversify our international investment basement and London is good place for people to target".