Extension of Phase 2 completion of acquiring GREA

RNS Number : 3044U

Grit Real Estate Income Group

29 July 2022

 

GRIT REAL ESTATE INCOME GROUP LIMITED (Registered in Guernsey) (Registration number: 68739) LSE share code: GR1T SEM share code: DEL.N0000 ISIN: GG00BMDHST63 LEI: 21380084LCGHJRS8CN05 ("Grit" or the "Company" or the "Group")

EXTENSION TO CONCLUSION OF PHASE 2 OF GRIT'S ACQUISITION OF A CONTROLLING INTEREST IN GATEWAY REAL ESTATE AFRICA LIMITED

Grit Real Estate Income Group Limited, a leading pan-African real estate company focused on investing in, developing and actively managing a diversified portfolio of assets underpinned by predominantly US Dollar and Euro denominated long-term leases with high quality multi-national tenants, today announces an extension of the long stop date of 31 July 2022 to 31 August 2022 for the completion of phase 2 of the acquisition of a controlling interest in Gateway Real Estate Africa Limited ("GREA") (the "Acquisition"), in order to satisfy the closing procedures.

An update to the Proposed Acquisition was published by Grit on 11 April 2022 ( link here ) and the three phases to Grit acquiring a controlling interest in GREA were summarised as follows:

Phase 1 (15 April 2022)	Grit acquired a 77.95 per cent. controlling stake in A frica Property Development Managers Limited (" APDM " ) , the external manager of GREA and lifted its direct interest in GREA from 19.98 per cent. to 26.29 per cent.
Phase 2 (Extended to 31 August 2022)	Grit further lifts its interest in GREA from 26.29 per cent. to 35.01 per cent.
Phase 3 (15 Dec 2022)	Grit has the option to acquire the remaining 13.61 per cent. interest in GREA and an additional 1 per cent. of APDM owned by Gateway Africa Real Estate Limited ("Gateway Partners") settled in either cash or issuance of new Grit shares at US$0.52 per Grit ordinary share. If exercised, this would increase Grit's direct shareholding in GREA to 48.62 per cent. and in APDM to 78.95 per cent. Furthermore, Grit's total (direct and indirect) shareholding in GREA would increase to 51.66 per cent. following the issue of APDM's 10.0 per cent. free carry in GREA, which is to be issued to APDM upon the achievement of minimum performance requirements, measured and issued at year five or year seven from GREA's inception or upon on a defined exit event, which the Option exercise is expected to be. GREA's year five anniversary from inception is in December 2022.

By order of the Board

29 July 2022

FOR FURTHER INFORMATION, PLEASE CONTACT:

Grit Real Estate Income Group Limited
Bronwyn Knight, Chief Executive Officer	[phone]
Darren Veenhuis, Chief Strategy Officer and Investor Relations	[phone]
Maitland/AMO - Communications Adviser
James Benjamin	[phone] / [phone]
Alistair de Kare-Silver	[e-mail]
finnCap Ltd - UK Financial Adviser
William Marle/Teddy Whiley (Corporate Finance)	[phone]
Mark Whitfeld/Pauline Tribe (Sales)	[phone]
Monica Tepes (Research)	[phone]
Perigeum Capital Ltd - SEM Authorised Representative and Sponsor
Shamin A. Sookia	[phone]
Kesaven Moothoosamy	[phone]
Capital Markets Brokers Ltd - Mauritian Sponsoring Broker
Elodie Lan Hun Kuen	[phone]

NOTES:

Grit Real Estate Income Group Limited is the leading pan-African 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 US$ 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+, Nomzamo Radebe, Catherine McIlraith+, Jonathan Crichton+, Cross Kgosidiile and Bright Laaka (Permanent Alternate Director to Nomzamo Radebe).

(* 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.

 

END

 

 

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