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Grit Real Estate Income Group Ltd - pan-African property investment and management company - Completes phase two of acquisition of controlling interest in Gateway Real Estate Africa Ltd, which involves the increasing of its interest in GREA to 35% from 26%.
The first phase involves taking a 78% stake in GREA's external manager APDM, and lifting its direct interest to 26% from 20%. The third and final phase involves an option to take an additional 1% stake in APDM and acquire another 14% interest in GREA, which would result in a controlling interest.
"The completion of this transaction would provide Grit's shareholders with enhanced income and capital growth from GREA's fully funded pipeline of accretive development assets, which collectively have reached 80% completion, and new fee income streams through APDM's substantial development and asset management fees," said Chief Executive Officer Bronwyn Knight.
Current stock price: 30.00 pence
12-month change: down 26%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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