Atlantic Leaf Properties intends raising more funds

Posted On Tuesday, 14 October 2014 17:19 Published by
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Atlantic Leaf Properties intends raising more funds over the next few months as it looks to build on its fledgling property portfolio.

Paul Leaf-Wright

The property company raised £15.3m through private placements with various investors when it listed in Mauritius and on the JSE's AltX exchange earlier this year.

At the end of August‚ it held investment assets worth £12.65m and had cash and cash equivalents of £2.49m. Its investments include a portfolio of listed property stocks‚ and a 30% share in a portfolio of 30 retail warehouse properties in the UK. Atlantic Leaf on Monday reported a £32‚048 profit for its six months ended August‚ with headline earnings adjusted for listing and transaction costs and foreign exchange movements of £207‚047.

"The company will look to raise further capital over the next few months to be able to continue with its strategy of buying quality‚ income-producing property assets‚" Atlantic Leaf said. The company was focusing on diversifying the property portfolio as it grew through direct property or listed property investments. "Management is confident of concluding further asset acquisitions in the next quarter‚ although no agreements have been concluded as yet‚" it said.

Atlantic Leaf intends making biannual distributions to shareholders‚ but said it would not pay a distribution for the six months ended August as it was still in its start-up phase and planned to raise further capital.

AltX-listed shares in Atlantic Leaf are illiquid and have remained unchanged at R17.61 since the company's listing in early April. Its market capitalisation is R269m. The company said at the time of listing it would target investments in Western European markets‚ with management having identified the UK‚ Germany and France "as attractive real estate markets".

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