RCS - Grit Real Estate Inc - Update research from QuotedData

Grit Real Estate IncomeAnnouncement

21/12/2022 10:15

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RNS Number : 4726K  Grit Real Estate Income Group  21 December 2022

Grit Real Estate Income Group - Update research from QuotedData

21(st) 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/
(https://quoteddata.com/research/grit-real-estate-income-group-growth-qd/)

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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
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the rules of the Financial Conduct Authority.

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