Greenbay plans to raise R1.75bn new share issue

Greenbay Properties (GRP) said on Wednesday, 21 September, it planned to raise R1.75bn through the issue of new shares.

The AltX-listed group said the proceeds would be invested in line with its investment policy.

Greenbay is currently in negotiations to acquire three retail centres with a total value of more than €150m.

Greenbay is a hybrid property company that invests in other property stocks, and also directly in real estate. The company was created by the Resilient property stable that is led by industry stalwart Des de Beer.

The company intends to transfer its listing to the JSE's main board after the publication of its year-end results in November.

Source: BDpro