TIDMGR1T
RNS Number : 9370D
Grit Real Estate Income Group
02 July 2021
GRIT REAL ESTATE INCOME GROUP LIMITED
(Registered in Guernsey)
(Registration number: 68739)
LSE share code: GR1T
SEM share code: DEL.N0000
ISIN: GG00BMDHST63
LEI: 21380084LCGHJRS8CN05
("Grit" or the "Company" and, together with its subsidiaries, the "Group" )
GRIT SIGNS LEASE AGREEMENT FOR OFFICE SPACE AT THE DEVELOPMENT
AT THE PRECINCT, FOND DU SAC, MAURITIUS
The board of Directors (the "Board") of Grit Real Estate Income
Group Limited, a leading pan-African income real estate company,
focused on investing in and actively managing a diversified
portfolio of assets underpinned by predominantly US$ and Euro
denominated long-term leases with high quality multi-national
tenants, today announces that the Group has entered into a five
year USD denominated lease agreement with Gr1t House Limited, a
special purpose vehicle ("SPV") established by Gateway Real Estate
Africa Ltd ("GREA") for the development of a 10,028 sqm Grade A
commercial office complex in Fond du Sac, Mauritius ("The
Precinct").
Grit has contracted to occupy 2,020 sqm of gross lettable area
in The Precinct, targeted for completion and occupation in the
fourth quarter of 2022, at an independently verified market related
base lease rate of USD 19.08 per sqm per month, increasing at a
fixed rate of 2.5% per annum and is inclusive of 11 basement
parking bays, 54 open parking bays and 52 sqm of storage space. An
additional USD 1,081,215 fit out allowance has been agreed, which,
when amortised over the lease period, adds an effective further USD
8.92 per sqm per month to the lease rate.
GREA (an associated company in which Grit holds a 19.98%
interest) is a private real estate development company and is
regarded as a related party of Grit by virtue of common
shareholding by the Public Investment Corporation of South Africa,
which holds a 48.5% interest in GREA and a 25.5% interest in Grit.
As such, the transaction falls within Listing Rule 11.1.10 R of the
UK's Financial Conduct Authority and the Board has followed its
related party transactions policy and complied with UK listing
rules applicable to premium segment listed companies. The
transaction does not fall within the scope of Chapter 13 of the
Listing Rules of the Stock Exchange of Mauritius Ltd ("SEM")
pertaining to 'related party transactions'.
By Order of the Board
2 July 2021
FOR FURTHER INFORMATION, PLEASE CONTACT:
Grit Real Estate Income Group Limited
Bronwyn Knight, Chief Executive Officer +230 269 7090
Darren Veenhuis, Chief Strategy Officer and Investor Relations +44 779 512 3402
Maitland/AMO - Communications Adviser
James Benjamin +44 7747 113 930
Grit-maitland@maitland.co.uk
finnCap Ltd - UK Financial Adviser
William Marle / Teddy Whiley (Corporate Finance) +44 20 7220 5000
Mark Whitfeld / Pauline Tribe (Sales) +44 20 3772 4697
Monica Tepes (Research) +44 20 3772 4698
Perigeum Capital Ltd - SEM Authorised Representative and
Sponsor
Shamin A. Sookia +230 402 0894
Kesaven Moothoosamy +230 402 0898
Capital Markets Brokers Ltd - Sponsor Broker
Neetusha Aubeeluck +230 402 0285
NOTES:
Grit Real Estate Income Group Limited is the leading pan-African
real estate company focused on investing in and actively managing a
diversified portfolio of assets in carefully selected African
countries (excluding South Africa). These high-quality assets are
underpinned by predominantly US$ and Euro denominated long-term
leases with a wide range of blue-chip multi-national tenant
covenants across a diverse range of robust property sectors.
The Company is committed to delivering strong and sustainable
income for shareholders, with the potential for income and capital
growth. The Company is targeting net total shareholder return
inclusive of NAV growth of 12.0%+ p.a.*
The Company holds its primary listing on the Main Market of the
London Stock Exchange (LSE: GR1T), and a secondary listing on the
SEM (SEM: DEL.N0000).
Further information on the Company is available at
http://grit.group/
* These are targets only and not a profit forecast and there can
be no assurance that they will be met. Any forward-looking
statements and the assumptions underlying such statements are the
responsibility of the Board of Directors and have not been reviewed
or reported on by the Company's external auditors.
Directors: Peter Todd+ (Chairman), Bronwyn Knight (Chief
Executive Officer)*, Leon van de Moortele (Chief Financial
Officer)*, David Love+, Sir Samuel Esson Jonah+, Nomzamo Radebe,
Catherine McIlraith+, Jonathan Crichton+, Cross Kgosidiile (+) and
Bright Laaka (Permanent Alternate Director to Nomzamo Radebe).
(* Executive Director) (+ independent Non-Executive
Director)
Company secretary : Intercontinental Fund Services Limited
Company secretary address : Level 5, Alexander House, 35
Cybercity, Ebene, 72201, Mauritius
Registered address : PO Box 186, Royal Chambers, St Julian's
Avenue, St Peter Port, Guernsey GY1 4HP
Registrar and transfer agent (Mauritius) : Intercontinental
Secretarial Services Limited
UK Transfer secretary : Link Asset Services Limited
Mauritian Sponsoring broker : Capital Markets Brokers Ltd
SEM authorised representative and sponsor : Perigeum Capital
Ltd
This notice is issued pursuant to the FCA Listing Rules and SEM
Listing Rule 15.24 and the Mauritian Securities Act 2005. The Board
of the Company accepts full responsibility for the accuracy of the
information contained in this communiqué.
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END
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