Annual Overview from QuotedData

Grit Real Estate Income Group

09 May 2024

 

 

Grit Real Estate Income Group - Annual Overview from QuotedData

9^th May 2024

Building on steadier ground

Having successfully undertaken its latest act of corporate engineering, Grit Real Estate Income Group (Grit) is in a good place to realise substantial capital value and income growth over the medium term. The sale of two assets to meet a capital call by its majority-owned development partner (Gateway Real Estate Africa - GREA) means GREA is well capitalised to deliver a near-term pipeline of developments, including a diplomatic housing scheme pre-let to the US government. Further projects (including more residences for the US embassy as well as hospitals, industrial and data centres) will provide Grit with substantial net asset value (NAV) and earnings growth when they complete and rental income streams are stabilised.

We expect this will have a positive impact on Grit's share price. The group's wide discount to NAV reflects (among other things) its expensive debt, with interest rates greater than its portfolio yield. A plan is in hand to reduce the impact of this through further sales of non-core property.

Full Research:

https://quoteddata.com/research/grit-real-estate-income-group-building-steadier-ground-qd/

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NB: Marten & Co was paid to produce this note on Grit Real Estate Income Group, and it is for information purposes only. It is not intended to encourage the reader to deal in the security or securities mentioned in this report. Please read the important information at the back of this note. QuotedData is a trading name of Marten & Co Limited which is authorised and regulated by the Financial Conduct Authority. Marten & Co is not permitted to provide investment advice to individual investors categorised as Retail Clients under the rules of the Financial Conduct Authority.

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