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Grit Real Estate Income Group Ltd - pan-African property investment and management company - Says Letlole La Rona Ltd completes 30% co-investment into Grit's industrial facility in Nairobi, Kenya. Conditions are now met for the acquisition of a 30% interest in the Mauritian holding entity of the facility, with the total value of the transaction $7.2 million. This will be made via equity subscription and shareholder loan repayments. The company will also receive additional $600,000 fee post-transaction, as well as an annual asset management fee of 0.5% of the value of the facility.
Grit will use cash proceeds to increase stake in Gateway Real Estate Africa to 35% by the end of the month.
Current stock price: 32.49 pence, down 4.4% on Monday
12-month change: down 29%
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