Business
Trading update-Perpetual preference note issuance
Trading update-Perpetual preference note issuance.
About this update from Grit Real Estate Income Group Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 9297O\n Grit Real Estate Income Group\n 13 October 2021\n \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: 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 FINANCIAL AND PORTFOLIO UPDATE\n \n \n PERPETUAL PREFERENCE NOTE ISSUANCE IN RELATION TO THE FUNDING OF THE ORBIT AFRICA FACILITY ACQUISITION AND REDEVELOPMENT\n \n \n \n \n \n \n \n \n \n \n The board of directors \n (the \"Board\") of Grit Real Estate Income Group Limitedis pleased to provide an update ahead of the publication of the Company's results for the year ended 30 June 2021 on 29 October 2021 and, further to its statement made on 2 July 2021, today announces details of a perpetual preference note issuance (\"Note\") in relation to the funding of the Orbit Africa acquisition.\n \n \n \n \n \n As at 30 June 2021, the Group's high-quality property assets have a weighted average lease expiry (\"WALE\") of 4.8 years (June 2020: 5.1 years), a weighted average contracted lease escalation of 3.7% per annum (June 2020: 2.7% p.a.) and are underpinned by a wide range of blue-chip multi-national tenants across a variety of sectors. Grit's property portfolio comprises a total of 54 assets (including 25 properties held in Letlole La Rona in Botswana) with rentals predominantly collected monthly, of which 92.7% are collected in US$, Euro or pegged currencies.\n \n \n \n \n \n Bronwyn Knight, CEO of Grit Real Estate Income Group Limited, commented:\n \n \n \"We have a high-quality portfolio that is continuing to deliver a resilient performance despite the headwinds of the pandemic. We are confident that the Group's property occupancies will improve during the balance of 2021 and beyond, supported by our hospitality sectors assets benefitting from the easing of travel restrictions and further leasing activity in both our Ghanaian office portfolio and retail sector assets. \n \n \n \n \n \n Our LTV ratio is expected to rise to c.53% for the period to 30 June 2021, impacted by valuation pressures over tha...