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Grit Real Estate Income Group Ltd - pan-African property investment and management - Introduces Letlole La Rona Ltd as 30% co -investor to Grit's industrial facility in Nairobi, Kenya, which is tenanted to Orbit Products Africa Ltd.
Letlole - which is a loan stock firm listed in Botswana - will inject USD7.2 million through a shareholder loan into the Mauritian entity which holds the facility. Grit expects the total investment in the asset to be USD53.6 million, comprising the sale and leaseback on a new 25-year US dollar denominated triple net least to Orbit.
"We are pleased today to welcome LLR as co-investor to the Orbit facility, which is expected to deliver enhanced sustainable value to Grit's shareholders, whilst creating long lasting positive social, economic and environmental benefits for local communities. This landmark transaction provides opportunities for Grit to collaborate further with LLR as one of the Group's preferred funding partners for further yield-enhancing industrial sector investments that create positive social and environmental impacts, as LLR rolls out its Go-To-Africa strategy," said Chief Executive Officer Bronwyn Knight.
Current stock price: 35.10 pence
12-month change: up 63%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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