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Grit Real Estate Gets 91% Of Rent Since Lockdown; Affirms Payout Plans

Fri, 3rd Jul 2020 09:20

(Alliance News) - Grit Real Estate Income Group Ltd on Friday hailed its "strong rent collections" and affirmed its dividend target.

In June, the Africa-focused real estate firm received 73% of contracted rent and for the period between March and June, which was mired by Covid-19 lockdowns, it received 91% of its rent.

Chief Executive Officer Bronwyn Corbett said: "The group continues to focus on further strengthening and defending its current position and delivering effectively on its investment strategy over the short and longer term. Although the full impact of Covid-19 remains uncertain, the company has successfully focused on strong rent collections and tenant initiatives."

The company said it still plans to press on with a full-year payout of 8.75 US cents per share, though this will be down 28% from 12.20 cents the prior year.

In June, Grit plotted an escape route from the JSE, due to the "cost and administrative burden" of being listed on three exchanges. As well as London and Johannesburg, Grit also is listed in Mauritius.

Grit said Botswana Development Corp Ltd and Zep-Re will acquire shares held by investors on its JSE register for ZAR14.90 each.

On Friday, Grit said: "The group is intending to move to the premium listing segment on the LSE in the second half of 2020, following the completion of the proposed JSE de-listing. To facilitate the group's eligibility for inclusion in the FTSE UK Index Series, the group is further exploring the possibility of redomiciling its corporate seat to Guernsey."

Grit Real Estate shares were untraded in London on Friday morning, last quoted at USD0.81 each. In Johannesburg, they were also untraded, last seen at ZAR14.01.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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