Mauritius’ first commercial property fund hopes to attract SA investors
Thématique :
maurice
The first commercial property fund in Mauritius, Ascencia, was hoping to raise about MRs600-million, in capital, by giving South African investors the opportunity to invest in its investment portfolio.
The proceeds of the capital raising would be used to repay a bridging facility, in line with Ascencia’s objective of ensuring a gearing of 30%, as well as for the acquisition of a part of an office building overlooking the Port Louis waterfront.
The company already had an investment portfolio comprising ten income-earning properties located in Port Louis, the capital of Mauritius, and in suburban centres situated along the commercial axis of the island.
The fund comprises seven retail properties, including two shopping centres, two office buildings and an industrial park, with a combined carrying value of MRs1,32-billion.
Ascencia said in a statement on Wednesday that MRs265-million had already been subscribed for and allocated.
The balance of the shares would be placed at a price of MRs1 020 a share, which was equivalent to the net asset value for each Ascencia share.
The offer would close on February 27, after which, applicants would be notified of allotments or any refunds on March 13.
Potential investors who want to participate in the capital raising would have to complete a subscription form, which was available in South Africa and Mauritius.
Ascencia is joint-owned by Mauritian conglomerate Rogers and Co and South African property company Grapnel.
It was listed on the Development and Enterprise Market of the Stock Market of Mauritius in December, with the investment objective to provide an attractive dividend yield and long-term capital growth to investors.
“New investments and development opportunities will be selected to optimise returns, as well as enhance liquidity, critical mass and diversification,” commented Grapnel director Justin Bass.
He noted that this would be achieved by targeting high-quality tenants with a low-default risk, underpinned by medium-to-long term leases.
The proceeds of the capital raising would be used to repay a bridging facility, in line with Ascencia’s objective of ensuring a gearing of 30%, as well as for the acquisition of a part of an office building overlooking the Port Louis waterfront.
The company already had an investment portfolio comprising ten income-earning properties located in Port Louis, the capital of Mauritius, and in suburban centres situated along the commercial axis of the island.
The fund comprises seven retail properties, including two shopping centres, two office buildings and an industrial park, with a combined carrying value of MRs1,32-billion.
Ascencia said in a statement on Wednesday that MRs265-million had already been subscribed for and allocated.
The balance of the shares would be placed at a price of MRs1 020 a share, which was equivalent to the net asset value for each Ascencia share.
The offer would close on February 27, after which, applicants would be notified of allotments or any refunds on March 13.
Potential investors who want to participate in the capital raising would have to complete a subscription form, which was available in South Africa and Mauritius.
Ascencia is joint-owned by Mauritian conglomerate Rogers and Co and South African property company Grapnel.
It was listed on the Development and Enterprise Market of the Stock Market of Mauritius in December, with the investment objective to provide an attractive dividend yield and long-term capital growth to investors.
“New investments and development opportunities will be selected to optimise returns, as well as enhance liquidity, critical mass and diversification,” commented Grapnel director Justin Bass.
He noted that this would be achieved by targeting high-quality tenants with a low-default risk, underpinned by medium-to-long term leases.
