Business
Acquisitions Update
Acquisitions Update.
About this update from Grit Real Estate Income Group Limited
[{"type":"text","content":"\n \nRNS Number : 0574B Grit Real Estate Income Group 28 January 2020 \n\n\n\n\nGRIT REAL ESTATE INCOME GROUP LIMITED\n(Registered by continuation in the Republic of Mauritius)\n(Registration number: C128881 C1/GBL)\nSEM share code: DEL.N0000\nJSE share code: GTR\nLSE share code: GR1T\nISIN: MU0473N00036\n(\"Grit\" or the \"Company\" or the \"Group\")\n\n\n\n\n\n\n \n\n \n\nACQUISITIONS UPDATE\n\n \n\n \nFurther to the Company's previous announcements (Pipeline Acquisitions Update, released on 25 October 2019 and Acquisition of Club Med Cap Skirring Hotel in Senegal through a sale and leaseback, released on 24 July 2019), the board of Directors (the \"Board\") of Grit is pleased to announce today the completion of the acquisition of Club Med Cap Skirring Hotel (\"Club Med\") and to also provide an update on other acquisitions. \n \nThe Company is making good progress on a number of potential opportunities with existing tenants and partners, including Club Med and other high-quality multi-national companies operating across the African continent. These attractive prospective acquisitions, underpinned by predominantly US$ and Euro denominated long-term leases, will facilitate further diversification of the Company's portfolio and are each expected to be accretive, whilst delivering economies of scale benefits across the countries the Company already operates in.\n \nThe Company is continuing to explore a number of financing options to fund its attractive and accretive pipeline. \n \nBronwyn Corbett, Chief Executive Officer of Grit, commented:\n\"Concluding this first transaction with Club Med is a significant milestone and I look forward to progressing a number of the other opportunities with them across Africa, delivering real estate solutions and creating further value for Grit's shareholders and for Club Med.\n \nI am also pleased to report that the Company's cost of debt continues to decline, helped by reductions in LIBOR. Furthermore, the Group's high-quality diversified portfolio and strong multi-national tenant base leave us confident of providing shareholders with strong and sustainable income, with the potential for income and capital growth.\"\n \nCOMPLETION OF ACQUISITION OF CLUB MED CAP SKIRRING HOTEL IN SENEGAL\nFurther to the announcement on 24 July 2019, the Company...