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Grit Real Estate acquires more shares in Botswana property firm

The London-listed increased its stakes in the company from 6.25% to 30% to expand its presence in the southern African country

Grit Real Estate Income Group - Grit Real Estate acquires more shares in Botswana property firm
LLR owns 20 properties in Botswana, mostly in capital city Gaborone

Grit Real Estate Income Group Ltd (LON:GR1T) has acquired more shares in Letlole La Rona Limited (LLR), a property firm listed on the Botswana Stock Exchange.

The London-listed property investor issued new ordinary shares to cover the transaction, valued at US$13.8mln, increasing its stakes in LLR from 6.25% to 30%, to expand its presence in the southern African country.

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

As of 30 June, LLR owned 20 properties worth US$73mln, with over half in the industrial sector, a third in retail and the remaining in commercial and residential.

“We are pleased to announce this further increase of our stake in LLR, which represents an opportunity to utilise LLR's local expertise and to gain exposure to exciting asset management opportunities whilst significantly increasing our presence in Botswana, a key market for Grit's future growth,” said Grit’s chief executive Bronwyn Corbett.

Quick facts: Grit Real Estate Income Group

Price: 1.19 USD

LSE:GR1T
Market: LSE
Market Cap: $363.6 m
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