ALP Kenya Warehouse

Pan-African real estate group Grit is looking to close the acquisition of Orbit Warehouse in Nairobi within the first quarter of the year. The acquisition would give Grit 100 percent shareholding in the property that is currently occupied by orbit chemicals for about Ksh. 4 billion.

The London listed real estate firm late last year said its pipeline of investment opportunities worth $105 million will see it increase its exposure to multi-national tenants, including big four accounting firm PwC and Chinese electronics giant Huawei Technologies Co Ltd.

The group has lined up a series of acquisitions in Africa markets including Ghana, Mauritius and Mozambique.

Transaction details by the London Stock Exchange show that the acquisitions involve the sale and leaseback of a light industrial warehouse and a pre-funded development of a similar property. The target closing date of the transaction remains 31 March 2020.

“The acquisitions are in line with Grit’s strategy of acquiring superior quality assets tenanted by blue-chip multi-national companies under long-term, hard currency leases, whilst further enhancing the quality and diversification of the portfolio in terms of tenant, geographic and sector exposures. They also reflect Grit’s evolving business strategy, which now includes pre-funding of selected risk mitigated developments, and which is expected to deliver accelerated medium-term net asset value growth,” CEO Bronwyn Corbett said.

“The acquisitions are expected to provide investors with further diversified, secure and growing index-linked income and attractive capital growth potential from across Grit’s high-quality portfolio, which continues to deliver attractive returns to our shareholders,” she added.

Related; Grit declares final dividend, eyes further growth

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