M&G doubles stake in African real estate investor

M&G has almost doubled its stake in a pan-African real estate investor through backing a £7.2m equity raising. The fund house has boosted its holding in Mauritius-based Grit Real Estate Income Group from 5.98% to 10.66%, according to a stock exchange filing. M&G supported the fund raising from Grit earlier this month. Grit de-listed from the Johannesburg market during the summer, making London its primary stock quote. At the time, chief executive Bronwyn Corbett said the move would “provide the company deeper and wider access to capital markets”. Next month the company will move from a standard LSE listing to premium. In a stock market update the company said the change will allow it to be included in FTSE indices, raise its profile in the capital markets and allow it to raise fresh capital. To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette