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PARTIAL SALE OF INTEREST IN LETLOLE LA RONA LIM...
PARTIAL SALE OF INTEREST IN LETLOLE LA RONA LIM....
About this update from Grit Real Estate Income Group Limited
[{"type":"text","content":"\n \n\n\nGrit Real Estate Income Group (GR1T)\n\n\n\nGrit Real Estate Income Group: PARTIAL SALE OF INTEREST IN LETLOLE LA RONA LIMITED, BOTSWANA08-March-2023 / 07:20 GMT/BST\n\n\n\n GRIT REAL ESTATE INCOME GROUP LIMITED\n\n (Registered in Guernsey)\n\n (Registration number: 68739)\n\n LSE share code: GR1T\n\n SEM share code: DEL.N0000\n\n ISIN: GG00BMDHST63 \n\n LEI: 21380084LCGHJRS8CN05\n\n (“Grit” or the “Company” and, together with its subsidiaries, the \"Group\")\n \n \n \n \n \n\n \n\nPARTIAL SALE OF INTEREST IN LETLOLE LA RONA LIMITED, BOTSWANA\n\n \n\n \n\nThe board of Directors (the “Board”) of Grit Real Estate Income Group Limited, a leading and award-winning pan-African impact real estate company focused on investing in, developing 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 the disposal of a further 2.29% interest in Letlole la Rona (“LLR”), an associate owning predominantly industrial assets in Botswana (the “Disposal”), resulting in Grit’s interest in LLR reducing to 11.25%.\n\n \n\nGrit yesterday executed a sale of 6,421,000 shares on the Botswana Stock Exchange (the \"BSE\") at a price of 3.51 Bostswanan Pula (“BWP”) per share in cash, representing a 12.7% premium to the last published LLR NAV as at 31 December 2022. Sale proceeds amount to BWP 22.5 million (US$ 1.7 million).\n\n \n\nThe Disposal is in addition to: \n\n \n\na sale executed in December 2022 when the Group disposed of a 6.79% equity interest (19,000,000 shares) at BWP 3.48 per share in cash, a 15% premium to last reported NAV at that date. Sale proceeds amounted to BWP 66.1 million (US$ 5.2 million); and \n \n\na sale executed in February 2023 when the Group disposed of 4.77% equity interest (13,347,068 shares) at BWP3.51 per share in cash, amounting to a sale proceeds of BWP 46.8 million (US$ 3.5 million), representing a 12.7% premium to the last published LLR NAV as at 31 December 2022.\nThe Disposal, when aggregated with the above trades, results in Grit’s interest in LLR reducing from 25.1% as at 30 June 2022 to 11.25% today.\n\n \n\nBronwyn Knight, CEO of Grit Real Estate Income Group Limited, commented:\n\n“The disposal by Grit of a 13.85% interest in Let...