Delta Property Fund said on Friday that it has sold R104.4m of its shares in Grit Real Estate, and will use the proceeds to reduce debt and supplement its capital expenditure.
Delta sold some 6.5-million shares in Grit for R16.06 per share in an off-market transaction, with the move reducing its shareholding in that property counter to 5.7%, from 7.8% previously. At the end of August, the company’s half year, Delta reported that finance costs had increased 19.3% due to higher interest rates and fees incurred on debt facilities. During the period, the company had extended R2.8bn in expiring debt facilities.
The company’s loan-to-value stood at 44.3% at the end of the period, with the company saying it wanted to reduce this to 40% or below. Most fund managersIn morning trade on Friday, Delta’s share price was up 1.49% to 69c.
Source: Real Estate Daily Report (realestatedailyreport.net)
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