Business
Strategy, Portfolio and Operational update
Strategy, Portfolio and Operational update.
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\"\n and, together with its subsidiaries, 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 STRATEGY, PORTFOLIO AND ROBUST OPERATIONAL PERFORMANCE\n \n \n \n \n UPDATE TO 30 JUNE 2022\n \n \n \n \n \n \n \n \n \n \n \n The board of Directors (the \"Board\") of Grit Real Estate Income Group Limited, a leading award winning women led, and only listed pan African impact real estate company, today provides update on its strategy, with the inclusion of GREA, and an operational and portfolio update showing strong cash rent collection, improved occupancy rates, strong leasing activity and contractual escalations being achieved ahead of the publication of the Company's results for the year ended 30 June 2022, expected to be published on 28 October 2022.\n \n \n \n \n \n Grit invests in and manages a diversified, multi geography portfolio of impact real estate assets underpinned by predominantly US$ and Euro denominated long term leases with high quality multi-national tenants generating sustainable returns for global investors.\n \n \n \n \n \n The Group increased its stake in Gateway Real Estate Africa (\"GREA\") to 35.01% on 31 August 2022, allowing it to prioritise impact driven Real Estate, creating value for local communities and focusing on infrastructure assets specifically in corporate accommodation to the US State Department, data centres, healthcare and industrial sectors. Furthermore, it recently announced a sustainability led debt refinancing programme over US$306 million of existing debt, enhancing the Group balance sheet and creating value for shareholders over the short and medium term.\n \n \n \n \n \n \n Key highlights - range expected for the FY ended 30 June 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 30 June 2022 expected range\n \n \n \n \n 31 December 2021\n \n \n \n \n 30 June 2021\n \n \n \n \n \n \n Income producing assets\n \n \n \n \n US$855.0 mln to\n \n \n US$858.0 mln\n \n \n \n \n US$802.3 mln\n \n \n \n \...