REG - Grit Real Estate Inc - Extension of Phase 2 completion of acquiring GREA

Grit Real Estate IncomeAnnouncement

29/07/2022 13:45

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RNS Number : 3044U  Grit Real Estate Income Group  29 July 2022

 GRIT REAL ESTATE INCOME GROUP LIMITED

 (Registered in Guernsey)

 (Registration number: 68739)

 LSE share code: GR1T

 SEM share code: DEL.N0000

 ISIN: GG00BMDHST63

 LEI: 21380084LCGHJRS8CN05

 ("Grit" or the "Company" or the "Group")


 

EXTENSION TO CONCLUSION OF PHASE 2 OF GRIT'S ACQUISITION OF A CONTROLLING
INTEREST IN GATEWAY REAL ESTATE AFRICA LIMITED

 

 

Grit Real Estate Income Group Limited, a leading pan-African real estate
company focused on investing in, developing and actively managing a
diversified portfolio of assets underpinned by predominantly US Dollar and
Euro denominated long-term leases with high quality multi-national tenants,
today announces an extension of the long stop date of 31 July 2022 to 31
August 2022 for the completion of phase 2 of the acquisition of a controlling
interest in Gateway Real Estate Africa Limited ("GREA") (the "Acquisition"),
in order to satisfy the closing procedures.

 

An update to the Proposed Acquisition was published by Grit on 11 April 2022
(link here (https://polaris.brighterir.com/public/grit/news/rns/story/w6d0qgx)
) and the three phases to Grit acquiring a controlling interest in GREA were
summarised as follows:

 

 Phase 1                        Grit acquired a 77.95 per cent. controlling stake in Africa Property

                              Development Managers Limited ("APDM"), the external manager of GREA and lifted
 (15 April 2022)                its direct interest in GREA from 19.98 per cent. to 26.29 per cent.

 Phase 2                        Grit further lifts its interest in GREA from 26.29 per cent. to 35.01 per

                              cent.
 (Extended to 31 August 2022)

 Phase 3                        Grit has the option to acquire the remaining 13.61 per cent. interest in GREA

                              and an additional 1 per cent. of APDM owned by Gateway Africa Real Estate
 (15 Dec 2022)                  Limited ("Gateway Partners") settled in either cash or issuance of new Grit
                                shares at US$0.52 per Grit ordinary share. If exercised, this would increase
                                Grit's direct shareholding in GREA to 48.62 per cent. and in APDM to 78.95 per
                                cent.

                                Furthermore, Grit's total (direct and indirect) shareholding in GREA would
                                increase to 51.66 per cent. following the issue of APDM's 10.0 per cent. free
                                carry in GREA, which is to be issued to APDM upon the achievement of minimum
                                performance requirements, measured and issued at year five or year seven from
                                GREA's inception or upon on a defined exit event, which the Option exercise is
                                expected to be. GREA's year five anniversary from inception is in December
                                2022.

By order of the Board

29 July 2022

FOR FURTHER INFORMATION, PLEASE CONTACT:

 Grit Real Estate Income Group Limited
 Bronwyn Knight, Chief Executive Officer                           +230 269 7090
 Darren Veenhuis, Chief Strategy Officer and Investor Relations    +44 779 512 3402

 Maitland/AMO - Communications Adviser
 James Benjamin                                                    +44 7747 113 930 / +44 20 7379 5151
 Alistair de Kare-Silver                                           Grit-maitland@maitland.co.uk

 finnCap Ltd - UK Financial Adviser
 William Marle/Teddy Whiley (Corporate Finance)                    +44 20 7220 5000
 Mark Whitfeld/Pauline Tribe (Sales)                               +44 20 3772 4697
 Monica Tepes (Research)                                           +44 20 3772 4698

 Perigeum Capital Ltd - SEM Authorised Representative and Sponsor
 Shamin A. Sookia                                                  +230 402 0894
 Kesaven Moothoosamy                                               +230 402 0898

 Capital Markets Brokers Ltd - Mauritian Sponsoring Broker
 Elodie Lan Hun Kuen                                               +230 402 0280

 

NOTES:

Grit Real Estate Income Group Limited is the leading pan-African real estate
company focused on investing in, developing and actively managing a
diversified portfolio of assets in carefully selected African countries
(excluding South Africa). These high-quality assets are underpinned by
predominantly US$ and Euro denominated long-term leases with a wide range of
blue-chip multi-national tenant covenants across a diverse range of robust
property sectors.

The Company is committed to delivering strong and sustainable income for
shareholders, with the potential for income and capital growth.

The Company holds its primary listing on the Main Market of the London Stock
Exchange (LSE: GR1T and a secondary listing on the Stock Exchange of Mauritius
(SEM: DEL.N0000).

Further information on the Company is available at www.grit.group

Directors:

Peter Todd+ (Chairman), Bronwyn Knight (Chief Executive Officer)*, Leon van de
Moortele (Chief Financial Officer)*, David Love+, Sir Samuel Esson Jonah+,
Nomzamo Radebe, Catherine McIlraith+, Jonathan Crichton+, Cross Kgosidiile and
Bright Laaka (Permanent Alternate Director to Nomzamo Radebe).

(* Executive Director) ((+) independent Non-Executive Director)

Company secretary: Intercontinental Fund Services Limited

Registered office address: PO Box 186, Royal Chambers, St Julian's Avenue, St
Peter Port, Guernsey GY1 4HP

Registrar and transfer agent (Mauritius): Intercontinental Secretarial
Services Limited

SEM authorised representative and sponsor: Perigeum Capital Ltd

UK Transfer secretary: Link Assets Services Limited

Mauritian Sponsoring Broker: Capital Markets Brokers Ltd

This notice is issued pursuant to the FCA Listing Rules, SEM Listing Rule
15.24 and the Mauritian Securities Act 2005. The Board of the Company accepts
full responsibility for the accuracy of the information contained in this
communiqué.

 

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