Globalworth Real Estate Investments intends to raise in the region of €300m additional equity capital through a non-pre-emptive issue of new ordinary shares, with the ability to flex this dependent on demand.
The company said it had received strong indications of support from existing and new investors for this equity raise and currently expected to price it at or around prevailing EPRA NAV per share.
It said that in addition to funding further investments, a key objective of the intended equity raise would be to attract new institutional investors and broaden the liquidity of the company's shares ahead of its planned move to the main market of the London Stock Exchange in 2018.
It said the equity raise would also assist the company in managing its gearing strategy to a target LTV of 35%.
The board also confirmed that based on the current timetable any placing shares would be entitled to the H2-17 dividend previously stated at €0.22 per share, anticipated to be paid in January.
It said that consistent with the target of a sustainable and growing dividend, the board was pleased to indicate a prospective H1-18 dividend of not less than €0.27 (or not less than €0.54 annualised) anticipated to be paid in August 2018.
At 9:43am: (LON:GWI) Globalworth Real Estate Investments share price was -0.09p at 8.19p