Grit Real Estate Income Group Update research from QuotedData
21 December 2022 - 9:02PM
RNS Non-Regulatory
TIDMGR1T
Grit Real Estate Income Group
21 December 2022
Grit Real Estate Income Group - Update research from
QuotedData
21(st) December 2022
Going for growth
Pan-African property company Grit Real Estate Income Group
(Grit) is on track to complete the acquisition of a controlling
stake in developer Gateway Real Estate Africa (GREA) by May next
year, which would unlock considerable potential for net asset value
(NAV) and income growth for the fund.
GREA's attractive pipeline of development projects includes
diplomatic housing let to the US government across the continent.
Consequently, the composition of Grit's portfolio will change
dramatically over the next two years, with corporate accommodation
exposure growing materially and the US Embassy becoming Grit's
largest tenant. Industrial and data centres are also prominent in
the pipeline, while sales of properties in the retail and
hospitality sectors will further shape the portfolio towards
favourable asset classes.
The recent major restructuring of its borrowing facilities (see
page 18) and plans to further reduce its loan to value (LTV -
borrowings plus cash as a percentage of portfolio valuation) have
put the group on a firm financial footing. Meanwhile, the
re-establishment of its dividend track record should contribute to
a re-rating of its share price (its shares currently trade on a
49.5% discount to NAV).
Full research:
https://quoteddata.com/research/grit-real-estate-income-group-growth-qd/
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