Grit Real Estate Income Group limited, the Africa focused property fund has increased its net assets by 6% in the latest half-year report, while growing its number of investments to 22. The property group which is listed on the JSE and Mauritius stock exchange raised US$132.2million in July this year after listing on the London Stock Exchange.

The funds were intended to expand a portfolio that already encompasses assets in Botswana, Kenya, Mozambique, Ghana and Mauritius. Currently the group owns a $700m property portfolio spread across seven African countries.

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In its results for the year to June, net asset value (based on EPRA earnings) rose to 145.7 US cents, with the gross value of properties on the books up to US$642m from US$489m. The company, which pays dividends said that dividends grew by 1 per cent this year although it is targeting a dividend growth of 3-5 per cent in 2019.

On Wednesday, Grit received approval to join the S&P Africa Frontier Index, which according to CEO Bronwyn Corbett should result in the group’s share price being revised. “The S&P Africa Frontier is one of the most important indices for us. It will attract numerous new investors and we should see a share price improvement soon,” said the CEO.

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The July listing on the London Stock Exchange has expanded the group’s capital base and increased its market capitalization making it eligible for emerging market focused property indices.

Grit focuses on commercial and retail for large multinationals and corporates