The National Pension Fund Mauritius will invest $12.84m in the Mauritian subsidiary of Mara Delta through a nonredeemable preference share issue at a coupon rate of 6.25% per annum.

Proceeds from the transaction had been allocated exclusively to fund the acquisition of the Tamassa Resort in Mauritius.

According to Bronwyn Corbett, CEO of Mara Delta, the Pan-African property fund is in the process of setting up a subsidiary in Mauritius as an entity holding a category 1 global business licence.

"The subsidiary will shortly thereafter apply for a listing of its class B shares or preference shares on the official market of the Stock Exchange of Mauritius," she said.

Corbett added that the subsidiary will invest in properties, directly or indirectly, with triple net, long-term leases in the hospitality sector, focusing on Indian Ocean islands, including Madagascar, Seychelles and Mauritius.

The subsidiary is expected to apply for a listing of its preference shares on the official market of the Stock Exchange of Mauritius,

Mara Delta intended to proceed with a rights offer at $1.40 per share. The proceeds would be used to finance investments that Mara Delta had announced in recent months.

MaraDelta is the first African focused property fund listed on both the SEM and JSE that offers investors exposure to USD-yield investment.

The fund has investments in Mozambique, Morocco, Mauritius, Zambia and Kenya.