Grit Real Estate Income Group (GR1T) Capital Markets Day and
Transactions update 10-May-2023 / 08:00 GMT/BST
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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 CAPITAL MARKETS DAY AND TRANSACTION UPDATES
The board of Directors (the "Board") of Grit Real Estate Income
Group Limited will today host a Capital Markets Day for investors
and key stakeholders, both physically in Mauritius and available
for virtual attendance via livestream. The inaugural Capital
Markets and Investor day will delve deeper into "Grit 2.0", the
Group's growth strategy post the acquisition of controlling
interests in Gateway Real Estate Africa ("GREA") and African
Property Development Managers ("APDM").
The livestream will commence at 12:30pm Mauritius / 09:30am UK /
10:30am South Africa via the Investor Meet Company platform, with
the livestream being open to all existing and potential
shareholders and other interested parties at the following
link:
https://www.investormeetcompany.com/grit-real-estate-income-group-limited/register-investor
A playback will be accessible on-demand via the Company website
after the event.
No new material or price sensitive information will be discussed
and all information is contained in the presentation which will be
made available on the Company's website on 10 May 2023. Ahead of
the presentations the Board is however pleased to provide the
following updates on transactions currently underway:
Acquisition of controlling interests in GREA and APDM:
Phase 3 of the acquisition of GREA and APDM is scheduled to
complete on 15 May 2023. However, as the Mauritius Prime Minister's
Office ("PMO") consent remains outstanding, parties have agreed
that Grit will transfer the remainder of the transaction cash
consideration, and Gateway will pledge the GREA and APDM shares it
is selling, to an escrow agent pending the receipt of the PMO
approval which is expected shortly.
In addition, Grit has offered to acquire the 2.85% of GREA owned
by Prudential Impact Investments Private Equity LLC on broadly
similar terms, with completion also scheduled to occur on receipt
of the PMO consent.
A further announcement will be made when these consents are
received and legal completion occurs, although practical completion
remains May 15.
Following legal completion, Grit will own 51.4% of GREA directly
and a 78.95% shareholding in APDM, with the respective remaining
balances being held by the Public Investment Corporation (PIC).
Update on disposal of interests in Beachcomber Hospitality
Investments ("BHI")
Following todays announcement by BHI of the fully subscribed
preference share issuance, all conditions attached to the disposal
of Grit's remaining interests in BHI have now been met. This
follows a recent Supreme Court of Mauritius approval of the scheme
of arrangement that merges Grit's wholly owned subsidiary Leisure
Property Northern (Mauritius) Limited ("LPNL") with and into
BHI.
As contained in the Company's announcement on 24 February 2023,
Grit's exit of its interest in BHI was conditional on BHI raising
at least EUR 25.8 million by way of a public offer and listing of
new BHI preference shares. These alloted funds will now be
disbursed on or about 12 May 2023, at which point Grit's disposal
of its remaining BHI interest and transfer of LPNL debt will have
been concluded.
Potential IFC investment
The International Finance Corporation, a division of the World
Bank, recently disclosed on their website a factual summary of a
potential investment in Bora Africa, a wholly owned subsidiary of
Grit Real Estate Income Group Limited focused in the industrial
real estate sub-sector. The proposed investment is a USUSD30
million subscription in subordinated notes issued by Bora Africa.
While no contractual or final investment decisions have yet been
reached, the IFC transparency directives required disclosure of the
salient details attached to the proposed investment. Further detail
can be found on their website at:
https://disclosures.ifc.org/project-detail/SII/47366/grit-reig-aii
Proposed acquisition of a controlling interest in Buffalo Mall,
Kenya
Grit intends acquiring, subject to necessary approvals being
obtained, an additional 50% interest in Buffalo Mall Naivasha
Limited ("BMNL"), a company owning the Buffalo Mall in Naivasha,
Kenya that will result in Grit's interest in BMNL increasing to
100% for a value of USD 2,244,222. This represents a c.15% discount
to the latest independent appraised value of the mall.
Once Grit takes full control and ownership of the retail
complex, it will be free to deploy the full extent of its asset
management and leasing capabilities with a view to repositioning
the mall and the adjacent owned 37,280m2 vacant land that has been
earmarked for value enhancing initiatives. The asset is expected to
move from being accounted for as associate to a wholly owned and
consolidated subsidiary in the 30 June 2023 financial
statements.
By Order of the Board
10 May 2023
FOR FURTHER INFORMATION, PLEASE CONTACT:
Grit Real Estate Income Group Limited
Bronwyn Knight, Chief Executive Officer +230 269 7090
Darren Veenhuis, Investor Relations +44 779 512 3402
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 - Mauritian Sponsoring Broker
Elodie Lan Hun Kuen +230 402 0280
NOTES:
Grit Real Estate Income Group Limited is the leading pan-African
impact real estate company focused on investing in, developing and
actively managing a diversified portfolio of assets in carefully
selected African countries (excluding South Africa). These
high-quality assets are underpinned by predominantly USUSD 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 holds its primary listing on the Main Market of the
London Stock Exchange (LSE: GR1T and a secondary listing on the
Stock Exchange of Mauritius (SEM: DEL.N0000).
Further information on the Company is available at
www.grit.group
Directors: Peter Todd (Chairman), Bronwyn Knight (Chief
Executive Officer)*, Leon van de Moortele (Chief Financial
Officer)*, David Love+, Sir Samuel Esson Jonah+, Catherine
McIlraith+, Jonathan Crichton+, Cross Kgosidiile and Lynette
Finlay+.
(* Executive Director) (+ independent Non-Executive
Director)
Company secretary: Intercontinental Fund Services Limited
Registered office 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
SEM authorised representative and sponsor: Perigeum Capital
Ltd
UK Transfer secretary: Link Assets Services Limited
Mauritian Sponsoring Broker: Capital Markets Brokers Ltd
This notice is issued pursuant to the FCA Listing Rules, 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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Dissemination of a Regulatory Announcement, transmitted by EQS
Group. The issuer is solely responsible for the content of this
announcement.
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ISIN: GG00BMDHST63
Category Code: UPD
TIDM: GR1T
LEI Code: 21380084LCGHJRS8CN05
Sequence No.: 242498
EQS News ID: 1628657
End of Announcement EQS News Service
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