Grit Real Estate Income Group (GR1T)
Sale of remaining interest in Letlole La Rona Limited
22-Jun-2023 / 07:00 GMT/BST
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GRIT REAL ESTATE INCOME GROUP LIMITED
(Registered in Guernsey)
(Registration number: 68739)
LSE share code: GR1T
SEM share codes (dual currency trading):
DEL.N0000 (USD) / DEL.C0000 (MUR)
ISIN: GG00BMDHST63
LEI: 21380084LCGHJRS8CN05
("Grit" or the "Company" and, together with its subsidiaries, the "Group")
SALE OF REMAINING INTEREST IN LETLOLE LA RONA LIMITED,
BOTSWANA
The board of Directors (the "Board") of Grit Real Estate Income
Group Limited, announces the disposal of its remaining 6.75%
interest in Letlole la Rona ("LLR"), an associate owning
predominantly industrial assets in Botswana.
Grit executed a sale of 18,911,932 shares on the Botswana Stock
Exchange at a price of 2.50 Botswanan Pula ("BWP") per share in
cash. Sale proceeds amount to BWP 47.3 million (USUSD 3.6 million).
This tranche concludes a four-part exit from the investment at a
weighted average premium of 1.3% to the last published LLR NAV as
at 31 December 2022.
Through exiting its full 30% interest in LLR, Grit has raised an
aggregate cash amount of USUSD 20.3 million (which cost USUSD17.6
million when originally purchased between 2017 and 2019). Funds
received from the transaction are expected to be applied towards
Grit debt reduction and redeployment into acquisitions and future
Group projects over the medium term.
In the 12 months to 22 June 2023 Grit has, in aggregate,
disposed of a 25.1% interest in LLR. The gross property assets
subject of the aggregated transactions are USUSD21.0 million (being
25.1% of LLR's book value of properties on 31 December 2022 of
USUSD 83.5 million). The profit attributable to the 25.1% interest
in the financial year to 30 June 2022 was USUSD 2.4 million, which
included a fair value movement on investment property of USUSD0.5
million in that year.
Bronwyn Knight, CEO of Grit Real Estate Income Group Limited,
commented:
"The disposal by Grit of its final 6.75% interest in Letlole La
Rona is in line with, and materially contributes towards, the
Company's stated strategies of asset recycling 20% of the value of
its portfolio by 31 December 2023 and the ongoing reduction in Grit
LTV. Since the original investment in 2019, and supported by Grit's
direct real estate and governance involvement, LLR has delivered
substantial value to all shareholders.
While Grit remains highly committed to investment in Botswana
and the broader region, this recycled capital will now be
redeployed in support of Grit's ongoing transition towards Africa
impact focussed assets under Grit2.0, which are expected to deliver
near and longer term value creation and growth in net asset value
and income for the benefit of all our stakeholders, including the
people of Africa."
By order of the Board
22 June 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: DIS
TIDM: GR1T
LEI Code: 21380084LCGHJRS8CN05
Sequence No.: 252554
EQS News ID: 1662705
End of Announcement EQS News Service
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