Business
Sale of remaining interest in Letlole La Rona...
Sale of remaining interest in Letlole La Rona....
About this update from Grit Real Estate Income Group Limited
[{"type":"text","content":"\n \n \n \n\n\t\n\t\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGrit Real Estate Income Group (GR1T)\n\n\n\n\n\n\nSale of remaining interest in Letlole La Rona Limited 22-Jun-2023 / 07:00 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 codes (dual currency trading): \n\n DEL.N0000 (USD) / DEL.C0000 (MUR)\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\nSALE OF REMAINING 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, announces the disposal of its remaining 6.75% interest in Letlole la Rona (“LLR”), an associate owning predominantly industrial assets in Botswana.\n\n \n\nGrit executed a sale of 18,911,932 shares on the Botswana Stock Exchange at a price of 2.50 Botswanan Pula (“BWP”) per share in cash. Sale proceeds amount to BWP 47.3 million (US$ 3.6 million). This tranche concludes a four-part exit from the investment at a weighted average premium of 1.3% to the last published LLR NAV as at 31 December 2022. \n\n \n\nThrough exiting its full 30% interest in LLR, Grit has raised an aggregate cash amount of US$ 20.3 million (which cost US$17.6 million when originally purchased between 2017 and 2019). Funds received from the transaction are expected to be applied towards Grit debt reduction and redeployment into acquisitions and future Group projects over the medium term.\n\n \n\nIn the 12 months to 22 June 2023 Grit has, in aggregate, disposed of a 25.1% interest in LLR. The gross property assets subject of the aggregated transactions are US$21.0 million (being 25.1% of LLR’s book value of properties on 31 December 2022 of US$ 83.5 million). The profit attributable to the 25.1% interest in the financial year to 30 June 2022 was US$ 2.4 million, which included a fair value movement on investment property of US$0.5 million in that year. \n\n \n\nBronwyn Knight, CEO of Grit Real Estate Income Group Limited, commented:\n\n“The disposal by Grit of its final 6.75% interest in Letlole La Rona is in line with, and materially contributes towards, the Company's stated strategies of asset recyclin...