Immorente Invest will complete its investment program in the current month 520 MDH since the IPO financed by 400 MDH of own funds from the IPO and by 120 MDH of additional debt.
In order to ensure its development and growth, the real estate company is proposing to its shareholders a new capital raising to be used to finance future acquisitions, says Immorente in a statement.
In this context, and in order to honor its commitments to its current shareholders, Immorente Invest will distribute the yield from 2019 operations, ie rents, at the end of 2019 instead of at the beginning of 2020, so that Current shareholders benefit fully and receive a return in line with the promises made, ie 6.5%, subject to the approval of the general meeting to be held on November 14, 2019.
As a reminder, Immorente Invest raised in May 2018 400 MDH of equity on the Casablanca Stock Exchange.
This amount was used for investments, while cash flows from operations, ie rents, were used to distribute a minimum return of 6% to shareholders, notes the same source.■
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