Business
Acquisition of controlling interest of Gatewa...
Acquisition of controlling interest of Gatewa....
About this update from Grit Real Estate Income Group Limited
[{"type":"text","content":"\n \n \n \n\n\t\n\t\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGrit Real Estate Income Group (GR1T)\n\n\n\n\n\n\nAcquisition of controlling interest of Gateway Real Estate African Limited ('GREA') and African Property Development Managers Limited ('APDM') 26-Jul-2023 / 07:00 GMT/BST\n\n\n\n GRIT REAL ESTATE INCOME GROUP LIMITED\n\n (Registered in Guernsey)\n\n (Registration number: 68739)\n\n LSE share code: GR1T\n\n SEM share codes (dual currency trading): \n\n DEL.N0000 (USD) / DEL.C0000 (MUR)\n\n ISIN: GG00BMDHST63 \n\n LEI: 21380084LCGHJRS8CN05\n\n (“Grit” or the “Company” and, together with its subsidiaries, the \"Group\")\n \n \n \n \n \n\n \n\nACQUISITION OF CONTROLLING INTERESTS IN GATEWAY REAL ESTATE AFRICA LIMITED (“GREA”) AND AFRICAN PROPERTY DEVELOPMENT MANAGERS LIMITED (“APDM”)\n\n \n\n \n\nThe board of Directors (the “Board”) of Grit Real Estate Income Group Limited are pleased to announce the conclusion of the final phase in the acquisition of controlling interests in GREA and APDM from Gateway Africa Real Estate Limited (“Gateway Partners”) and Prudential Impact Investments Private Equity LLC (“Prudential”). Grit now owns a direct interest of 51.48% in GREA and a 78.95% shareholding in APDM. The respective remaining balances are held by the Public Investment Corporation of South Africa (PIC).\n\n \n\nGREA successfully completed several developments during the three-phase acquisition timeframe which has materially derisked the transaction for Grit shareholders. Notable project deliveries include: \n\nAdumah Place, Ghana (winner of “API Best Commercial Office development 2022”), \n ADC data centre, Nigeria,\n Rosslyn Grove US embassy accommodation, Kenya (winner of the “API best high end development award in 2022”), \n The Precinct Office park, Mauritius (the first 5 star green rated office park in the Indian Ocean region), \n Curepipe Artemis Hospital, Mauritius. \nThe financial results of GREA and APDM are to be consolidated with Grit’s and are expected to have a positive impact on both the value of reported investment properties, Group LTV and future growth rates and income distributions to the Group. \n\n \n\nBronwyn Knight, CEO of Grit Real Estate Income Group Limited, commented:\n\n“Concluding the acquisition of controlling interests in GREA and APDM are significant mil...