London-listed shares of GRIT Real Estate slide on property valuation decline

Grit Real Estate Income

31/10/2023 09:27

** London-listed shares of GRIT Real Estate Income Group Ltd
 GR1T.L  fall as much as 15.3% to record low of 26.25p
    ** Property investment firm focused on African real estate
assets says value of its property portfolio down 4.5% as at June
30
    ** Mauritius-based co says EPRA NRV per share, a key
industry metric which gauges the value of properties, falls to
72.8 cents as at June 30 from 79.4 cents year ago
    ** CEO Bronwyn Knight says global interest rate volatility
provided headwinds to its property portfolio's operating
performance, hurt mainly by significantly rising finance costs
    ** Currently stock down 8%, pushing YTD losses to ~20%

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))