Business
Extension of Phase 2 completion of acquiring GREA
Extension of Phase 2 completion of acquiring GREA.
About this update from Grit Real Estate Income Group Limited
[{"type":"text","content":"\n \n \n \n \n \n \n \n GRIT REAL ESTATE INCOME GROUP LIMITED\n \n \n \n (Registered in Guernsey)\n \n \n (Registration number: 68739)\n \n \n LSE share code: GR1T\n \n \n SEM share code: DEL.N0000\n \n \n ISIN: GG00BMDHST63\n \n \n LEI: 21380084LCGHJRS8CN05\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 \n \n \n \n \n EXTENSION TO CONCLUSION OF PHASE 2 OF GRIT'S ACQUISITION OF A CONTROLLING INTEREST IN GATEWAY REAL ESTATE AFRICA LIMITED\n \n \n \n \n \n \n \n \n \n \n \n \n Grit Real Estate Income Group Limited, a leading pan-African real estate company focused on investing in, developing and actively managing a diversified portfolio of assets underpinned by predominantly US Dollar and Euro denominated long-term leases with high quality multi-national tenants, today announces an extension of the long stop date of 31 July 2022 to 31 August 2022 for the completion of phase 2 of the acquisition of a controlling interest in Gateway Real Estate Africa Limited (\"GREA\") (the \"Acquisition\"), in order to satisfy the closing procedures.\n \n \n \n \n \n An update to the Proposed Acquisition was published by Grit on 11 April 2022 (\n \n link here\n \n ) and the three phases to Grit acquiring a controlling interest in GREA were summarised as follows:\n \n \n \n \n \n \n \n \n \n Phase 1\n \n \n (15 April 2022)\n \n \n \n \n Grit acquired a 77.95 per cent. controlling stake in A\n frica Property Development Managers Limited (\"\n APDM\n \"\n )\n , the external manager of GREA and lifted its direct interest in GREA from 19.98 per cent. to 26.29 per cent.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Phase 2\n \n \n (Extended to 31 August 2022)\n \n \n \n \n Grit further lifts its interest in GREA from 26.29 per cent. to 35.01 per cent.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Phase 3\n \n \n (15 Dec 2022)\n \n \n \n \n Grit has the option to acquire the\n remaining 13.61 per cent. interest in GREA and an additional 1 per cent. of APDM owned by Gateway Africa Real Estate Limited (\"Gateway Partners\") settled in either cash or issuance of new Grit shares at US$0.52 per Grit ordinary share. If exercised, this would increase Grit's direct shareholding in GREA to 48.62 per cent. and ...