Grit Real Estate Income Group - Pan-African property investment and management company based in Mauritius - On Monday, announces disposal of its 99.9% stake in Bora Africa for USD50.7 million and the sale of its 48.5% interest in a diplomatic housing asset in Mozambique for USD19.6 million - both to Gateway Real Estate Africa, the group’s development subsidiary. Agrees to subscribe to fund raising under which GREA will raise USD100 million to fund the deals. Proceeds will be used to reduce the group's inter-company and external indebtedness and replenish working capital facilities.
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By Jeremy Cutler, Alliance News reporter
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Grit Real Est. (GR1T)