Business
Extension to phase 3 option to acquire GREA
Extension to phase 3 option to acquire 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 EXTENSION TO PHASE 3 OPTION EXERCISE TO ACQUIRE A CONTROLLING INTEREST IN\n \n \n \n \n GATEWAY REAL ESTATE AFRICA LIMITED\n \n \n \n \n \n \n \n \n \n \n \n \n Grit Real Estate Income Group Limited today announces signing a variation to the agreement with\n Gateway Africa Real Estate Limited\n (\"Gateway Partners\"), the outgoing private equity co-founder of Gateway Real Estate Africa Limited (\"GREA\") and African Property Development Managers (\"APDM\"), extending the phase 3 option exercise date from 15 December 2022 to 15 May 2023. The option pertains to Grit's right to acquire Gateway Partner's remaining 13.61% interest in GREA and a 1% interest in APDM.\n \n \n \n \n \n Grit is set to acquire a controlling interest in GREA in the three phases described in the Company's announcement on 11 April 2022:\n \n \n \n \n \n \n \n \n \n Phase 1\n \n \n (completed 15 April 2022)\n \n \n \n \n Grit acquired a 77.95% controlling stake in APDM, the external manager of GREA, and lifted its direct interest in GREA from 19.98% to 26.29%.\n \n \n \n \n \n \n \n \n \n Phase 2\n \n \n (completed 31 August 2022)\n \n \n \n \n Grit lifted its interest in GREA from 26.29% to 35.01%.\n \n \n \n \n \n \n \n \n \n \n \n \n Phase 3\n \n \n (originally 15 Dece\n mber\n 2022, now extended to 15 May 2023)\n \n \n \n \n Grit has\n the\n option to acquire the\n remaining 13.61% interest in GREA and an additional 1% of APDM owned by\n Gateway Partners.\n \n \n \n \n \n \n By order of the Board\n \n \n 15 December 2022\n \n \n \n FOR FURTHER INFORMATION, PLEASE CONTACT:\n \n \n \n \n \n \n \n \n Grit Real Estate Income Group Limited\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Bronwyn Knight, Chief Executive Officer\n \n \n \n \n +230 269 7090\n \n \n \n \n \n \n Darren Veenhuis, Investor Relations\n \n \n \n \n +44 779 512 3402\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n H/Advisors Maitland - Comm...