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Grit Real Estate Income Group Ltd - pan-African property investment and management company - Says Letlole La Rona Ltd completes 30% co-investment into Grit's industrial facility in Nairobi, Kenya. Conditions are now met for the acquisition of a 30% interest in the Mauritian holding entity of the facility, with the total value of the transaction USD7.2 million. This will be made via equity subscription and shareholder loan repayments. The company will also receive additional USD600,000 fee post-transaction, as well as an annual asset management fee of 0.5% of the value of the facility.
Grit will use cash proceeds to increase stake in Gateway Real Estate Africa to 35% by the end of the month.
Current stock price: 32.49 pence, down 4.4% on Monday
12-month change: down 29%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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