Lighthouse Capital plans rights issue to fund acquisition

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Lighthouse Capital plans rights issue to fund acquisition

Published Date: 2019-10-15 | Source: Stephen Gunnion | Author: Stephen Gunnion

Lighthouse Capital plans rights issue to fund acquisition

The property investor says it is in advanced talks regarding a potential significant direct retail property acquisition in Iberia.

Lighthouse Capital says it's in talks to buy a retail property in Iberia and plans to raise cash from shareholders to fund the deal, if it goes ahead. In a cautionary announcement, the shopping centre owner said the property it was targeting was 'significant' and that discussions were at an advanced stage.

Lighthouse, which changed its name from Greenbay Properties last year, received approval from the Stock Exchange of Mauritius in June to issue and list up to 68.7-million additional shares after shareholders also gave the okay at its annual general meeting in February. At the time, it said any proceeds raised through a share issue would be invested in line with its strategy to invest globally in direct property and in listed real estate and infrastructure securities.

It has been growing its portfolio of directly-owned property and reducing its holdings of listed properties. Its two biggest investments are in the Planet Koper shopping centre in Slovenia and the Forum Coimbra centre in Portugal. Its listed exposure fell to €71.1 million at the end of March from €679 million in September as it returned capital to shareholders and looked for more development opportunities.

Its shares rose 1.7% to R8.64 yesterday.





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