Firm targets £11.3m for its Wombourne property

ATLANTIC Leaf, the property company listed on the stock exchange of Mauritius with a secondary listing on the JSE’s AltX, reported yesterday that it had agreed to dispose of a 12 140 square metre industrial warehouse located in Wombourne in the UK for £11.3 million (R192m). The company said the disposal represented an opportunity for Atlantic Leaf to realise an attractive sale price, which represented an exit internal rate of return of more than 30 percent after all transaction-related costs on the initial equity investment. It said the proceeds of the disposal would be used to settle debt funding related to the property and to strengthen the company’s cash position, which would be used when opportune to acquire properties that were in line with its strategy of acquiring quality incomegenerating property assets. Atlantic Leaf added that the disposal highlighted the continued resilience of the UK property market in a challenging economic environment following the British referendum vote to leave the EU. – Roy Cokayne