Business
Business, Portfolio and Dividend Update & COVID-19
Business, Portfolio and Dividend Update & COVID-19.
About this update from Grit Real Estate Income Group Limited
[{"type":"text","content":"\n \n \n RNS Number : 2796I\n Grit Real Estate Income Group\n 31 March 2020\n \n \n \n \n \n \n \n GRIT REAL ESTATE INCOME GROUP LIMITED\n \n \n (Registered by continuation in the Republic of Mauritius)\n \n \n (Registration number: C128881 C1/GBL)\n \n \n SEM share code: DEL.N0000\n \n \n JSE share code: GTR\n \n \n LSE share code: GR1T\n \n \n ISIN: MU0473N00036\n \n \n (\"Grit\" or the \"Company\" or the \"Group\")\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n BUSINESS AND PORTFOLIO UPDATE, 4 WEEK POSTPONEMENT OF DIVIDEND PAYMENT AND COVID-19\n \n \n \n \n \n \n \n \n \n \n The board of Directors (the \"Board\") of Grit Real Estate Income Group Limited, a leading pan- African income real estate company, focused on investing in and actively managing a diversified portfolio of assets underpinned by predominantly US$ and Euro denominated long-term leases with high quality multi-national tenants, announces that the Company remains well placed to effectively navigate this period of uncertainty and to mitigate the risks presented by this unprecedented event. It is today providing an update on the impact of the Coronavirus (COVID-19) on the Company's business, portfolio and dividend.\n \n \n \n \n \n The safety and wellbeing of Grit's people and their families, our tenants, communities and wider stakeholders remains our top priority while the Group works hard to contain and mitigate the potential effects of the pandemic. The Group is closely monitoring the recommendations issued by the World Health Organisation, various governments and relevant authorities and will continue to comply with these across our operations. \n \n \n \n \n \n The Group's high-quality assets have a weighted average lease expiry of 4.7 years, a weighted average contracted lease escalation of 2.7% per annum and are underpinned by a wide range of blue-chip multi-national tenants across a variety of sectors. Grit's property portfolio comprises a total of 47 assets (including 20 properties held in LLR) with rentals predominantly collected monthly, of which 94.1% are collected in US$, Euro or pegged currencies.\n \n \n \n \n \n The Company's leadership team and all of our colleagues have been working tirelessly through this challenging and uncertain time to maintain, secure and operate our buildings a...