The pan-African real estate investor said the shares, to be issued as part of a placing, an offer for subscription and intermediaries offer, would be used to support what it said was a “significant and growing pipeline” of investment opportunities across the continent, particularly in the industrial, corporate accommodation and hospitality sectors.
The issue price for the shares would not be less than the group’s net asset value (NAV) per share at the time of issue, and there would be no dilutive effect on the NAV, the company said.
Extra cash will allow Grit to “capitalise further” on its investment pipeline, while also enhancing the quality of its portfolio and spread its operating cost over a larger capital base.
The company said it would seek approval for the move from shareholders at a general meeting to be held on 11 October.
In early trading on Wednesday, Grit’s shares were steady at 1.4p.