Grit Real Est. Regulatory News (GR1T)

Grit Real Estate Income Group - Update research from QuotedData

21st December 2022

Going for growth

Pan-African property company Grit Real Estate Income Group (Grit) is on track to complete the acquisition of a controlling stake in developer Gateway Real Estate Africa (GREA) by May next year, which would unlock considerable potential for net asset value (NAV) and income growth for the fund.

GREA's attractive pipeline of development projects includes diplomatic housing let to the US government across the continent. Consequently, the composition of Grit's portfolio will change dramatically over the next two years, with corporate accommodation exposure growing materially and the US Embassy becoming Grit's largest tenant. Industrial and data centres are also prominent in the pipeline, while sales of properties in the retail and hospitality sectors will further shape the portfolio towards favourable asset classes.

The recent major restructuring of its borrowing facilities (see page 18) and plans to further reduce its loan to value (LTV - borrowings plus cash as a percentage of portfolio valuation) have put the group on a firm financial footing. Meanwhile, the re-establishment of its dividend track record should contribute to a re-rating of its share price (its shares currently trade on a 49.5% discount to NAV).

Full research:

https://quoteddata.com/research/grit-real-estate-income-group-growth-qd/

This research is also available free on our website www.quoteddata.com where you will also find news, performance data and factsheets on every London listed Investment Company. QuotedData writes and distributes research on a number of quoted companies, facilitates meetings between those companies and existing and potential investors and assists in raising additional capital where required.

NB: Marten & Co was paid to produce this note on Grit Real Estate Income Group and it is for information purposes only. It is not intended to encourage the reader to deal in the security or securities mentioned in this report. Please read the important information at the back of this note. QuotedData is a trading name of Marten & Co Limited which is authorised and regulated by the Financial Conduct Authority. Marten & Co is not permitted to provide investment advice to individual investors categorised as Retail Clients under the rules of the Financial Conduct Authority.

QUOTEDDATA50 Gresham Street | London EC2V 7AYTel: +44 (0) 20 3691 9430

www.quoteddata.com | research@quoteddata.com | www.martenandco.com