Business
Disposal of 39.5% interest in Anfa & Update
Disposal of 39.5% interest in Anfa & Update.
About this update from Grit Real Estate Income Group Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 3654Z\n Grit Real Estate Income Group\n 18 September 2020\n \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 LSE share code: GR1T\n \n \n SEM share code: DEL.N0000\n \n \n ISIN: MU0473N00036\n \n \n LEI: 21380084LCGHJRS8CN05\n \n \n (\"Grit\" \n or\n the \"Company\n \" or the \"Group\")\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n DISPOSAL OF 39.50% INTEREST IN ANFAPLACE MALL\n \n \n BUSINESS, TRADING, NAV, RENT COLLECTION AND DIVIDEND UPDATE\n \n \n APPOINTMENT OF NON-EXECUTIVE DIRECTOR \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 today that the Company entered into a binding agreement with Gateway Real Estate Africa Ltd (\"GREA\") for Grit to dispose a 39.50% interest in Delta International Bahrain SPC (\"DIB\"), the beneficial owner of AnfaPlace Mall (\"Anfa\") for a total transaction value of US$25,488,440 (the \"Transaction\"). Anfa forms part of a mixed-use complex on the Atlantic coast of Casablanca, Morocco. \n \n \n \n \n \n The Company today also provides a business, trading, NAV, rental collection and dividend update and announces the appointment of a new \n Independent Non-Executive Director\n . \n \n \n \n \n \n Summary update\n \n \n · \n The Company disposes of a 39.50% indirect interest in AnfaPlace Mall, reducing its retail sector exposure to c.24.9%.\n \n \n · \n Extension of US$15 million bullet payment on Anfa debt facility to February 2022\n . \n The Company now has no material debt maturities before August 2021.\n \n \n · \n August rental collections of 98.5% of Grit attributable contracted lease income. \n New Mauritius Hotels Group (Beachcomber), which accounts for c.13.2% of the Group's attributable contracted rental revenue, resumed rental payments on 1 August 2020\n .\n \n \n · \n Redevelopment of the Company's light industrial asset in Pemba Mozambique, on the strength...