By Nelly K
Mauritius based Investment firm Grit Real Estate Income Group has announced its plan to list its 250 million shares on the London Stock Exchange with the hope of raising $120 Mn (Ksh 12.06Bn) to expand its property portfolio across the continent.
The shares will go for $1.43 or the equivalent of net asset value currently with target returns set at 12 per cent per year.
“Africa might seem like a very faraway place but we believe that bringing this to the investor market right now makes absolute sense. We are very excited to be on a platform that will launch us into the next stage of growth.” Bronwyn Corbett, CEO GRIT
Grits asset portfolio includes Buffalo Mall and Imperial Warehouse in Kenya with other property portfolios in countries such as Mozambique, Morocco, Zambia and Mauritius.
GRIT has enjoyed strong growth in sub-Saharan Africa in the last three years, benefiting from the continent’s rapid urbanization and growing middle-class.