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Atlantic Leaf Properties successful in first phase of capital raising

Atlantic Leaf Properties has completed its first phase of capital raising as it looks to attract South African investors seeking offshore exposure.

Paul Leaf-Wright

Recently listed Atlantic Leaf Properties has completed its first phase of capital raising as it looks to attract South African investors seeking offshore exposure.

The Mauritius-and Johannesburg-listed company on Wednesday made the announcement upon releasing its maiden financial results for the three months to May. It reported income of £78‚976 and an aftertax loss of £83‚150 for the three months.

Altantic Leaf said it had successfully concluded listing on the Stock Exchange of Mauritius on March 25‚ and shortly thereafter completed a secondary listing on the JSE’s AltX on April 3. At the time of the listings‚ the company successfully raised £15.3m by way of various private placements to invited investors. It is in the process of building up a property portfolio.

Atlantic Leaf announced its first major acquisition in April. The group made a deal that would see it acquire a 30% share in a portfolio of 30 retail warehouse properties in the UK. Atlantic Leaf has said its investments would target markets in western Europe‚ with management having identified the UK‚ Germany and France as attractive sources of real estate.

Atlantic Leaf said it was “pleased to have successfully concluded its first phase of capital raising andinvestment of proceeds into property- related investments. “The company will look to raise further capital over the next three months to continue with its strategy of buying quality income-producing property assets and to grow the company.”

The company said it had expected to be overweight in certain property sectors during its initial growth phase due to its size and concentration of investments. Its directors were focused on continuously diversifying the property portfolio as it grows‚ whether through investments in direct property assets or listed real estate securities.

“Management continues to actively identify and pursue suitable opportunities and will continue to selectively acquire attractive assets in line with the company’s investment policy‚” it said. Other offshore-focused property companies‚ such as Rockcastle and New Europe Property Investments‚ recently reported strong returns.

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