South African property company Grit Real Estate Income Group plans to issue as many as 250 million shares, subject to raising at least US$140 million.

In its latest financial statement, the company disclosed that shareholders approved at a May 10 meeting all requisite resolutions pertaining to its proposal to apply for the admission of its shares to the standard listing segment of the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange, as well as its plans to raise additional equity funding.

Pricing details will be included in the prospectus, the company said, adding that the shares will not be issued at a price lower than the net asset value per share as at March 31.

The proceeds will be used to acquire accretive prime properties and reduce the company's loan-to-value ratio to under 40%.

The company previously said it would have primary listings on the Main Board of the Johannesburg Stock Exchange Ltd. and on the Main Market of the London bourse, while its primary listing on the Official Market of the Stock Exchange of Mauritius Ltd. would change into a secondary listing.