Grit Real Estate Income Group Ltd - pan-African property investment and management - Agrees to sell BH Property Investments Ltd, the holding company of Absa House office building in Ebene, Mauritius, for MUR533 million, around USD12.2 million.
The asset to be sold comprises two plots of leasehold land totalling 8,099 square metres and a gross lettable area of 8,669 sqm. The sale is expected to be completed within the first quarter of 2022.
"In line with the company's asset recycling strategy, Grit expects to initially apply the net proceeds of the transaction to reducing its debt levels ahead of recycling proceeds, over the medium term, into its higher-yielding secured strategic pipeline that is expected to further enhance the resilience of the group's portfolio and result in increased distributable income and enhanced capital value to Grit's shareholders," says Chief Executive Officer Bronwyn Knight.
Current stock price: 33.00 pence
12-month change: up 42%
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Grit Real Est. (GR1T)