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Grit Real Estate signs deals to acquire “superior quality assets”

The property trust will invest a total of US$103.5mln, expecting net property yields between 8% and 12%

Grit Real Estate Income Group -
The African-focused company is based in Mauritius

Grit Real Estate Income Group Ltd (LON:GR1T) said it has inked commercially binding and conditional deals to buy “superior quality assets” as part of its acquisition strategy.

In a statement, the Africa-focused property trust added that it will invest a total of US$103.5mln, and is expecting net property yields of between 8% and 12%.

READ: Grit Real Estate confirms maiden dividend and eyes further growth

The new assets are currently rented under long-term, hard currency leases to blue-chip companies, such as Big Four auditor PwC and Chinese tech giant Huawei, in seven locations across Ghana, Mauritius, Kenya and Mozambique.

 “The transactions are accretive and will result in economies of scale by utilising Grit's existing extensive infrastructure across the countries we already operate in, while providing excellent opportunities to strengthen partnerships with key international tenants,” said Grit chief executive Bronwyn Corbett in the statement.

“They also reflect Grit's evolved business strategy, which now includes prefunding of selected risk mitigated developments, and which is expected to deliver accelerated medium-term net asset value growth.”

Quick facts: Grit Real Estate Income Group

Price: 1.19299 USD

LSE:GR1T
Market: LSE
Market Cap: $363.02 m
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Capital Network analyst Ed Stacey talks through Grit Real Estate Income Group Ltd's (LON:GRIT) trading update for the year to June 2019. He says the company's on track to deliver its targeted 12% total shareholder return for the year and an increased dividend.

on 27/6/19

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