Sirius Real Estate Ltd said on Wednesday it intends to raise about £150 million to fund its acquisition pipeline.

The London- and Johannesburg-listed property investor said the non-pre-emptive placing of new shares will be offered at 94 pence each.

The capital raising will comprise an institutional placing that will be conducted through an accelerated book building process, a placing to selected qualifying investors in South Africa, and an offer of new shares to raise up to £2.5 million through PrimaryBid Ltd.

Sirius said it will use the proceeds to fund the acquisition pipeline and replenish funds to use opportunistically following acquisitions completed over recent months.

Between December 2014 and March 2024, Sirius acquired 58 assets at a total investment amount of £879.1 million. In November 2023, it raised £147 million for acquisitions.

The company said it continues to assess further growth options in both Germany and the UK on an ‘opportunistic basis’.

It also said organic growth opportunities remain strong in both markets.

Shares in Sirius rose 1.5% to R 22.37 on Wednesday in Johannesburg. In London, they gained 2.0% to 97.45 pence.

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