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%.
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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.”