Business
Rent collection and operational update
Rent collection and operational update.
About this update from Grit Real Estate Income Group Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 9047Y\n Grit Real Estate Income Group\n 18 May 2021\n \n \n \n \n \n \n GRIT REAL ESTATE INCOME GROUP LIMITED\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:\n \n 21380084LCGHJRS8CN05\n \n \n \n (\"Grit\" or the \"Company\" and, together with its subsidiaries, the \"Group\")\n \n \n \n \n \n \n \n \n \n \n RENT COLLECTION AND OPERATIONAL UPDATE\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 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 provides a rent collection and operational update for the four months ended 30 April 2021.\n \n \n Bronwyn Knight, Chief Executive Officer of GRIT Real Estate Income Group Limited, commented:\n \n \n \"\n We produced a robust rental collection performance of 89.5% in the four months to 30 April 2021. Our near term focus remains on further reducing vacancies and achieving a Group LTV below 45%. \n \n \n \n \n \n Whilst we remain confident that the Group will deliver superior and sustainable total returns for our shareholders, we are maintaining an appropriately cautious stance on income distributions \n for financial year to 30 June 2021 \n in light of the short term uncertainty produced by the ongoing COVID-19 pandemic. \n \n \n \n \n \n We are continuing to actively engage with a number of development finance institutions and are assessing a wide number of options to fund our refocused investment pipeline of high-quality accretive assets leased to multi-national corporates and attracting hard currency rental streams\n .\"\n \n \n \n \n \n Rent collection update\n \n \n The Group has collected 89.5% of Grit attributable contracted rental revenue for the four months ended 30 April 2021 (from 91.4% collected over the six months to 31 December 2020), impacted by slower collections in the hospitality and office segments but offset by improvements in retail.\n \n \n \n \n \n The Group's corporate accommodation, industrial, office and other investments sectors, which ...