REG - Grit Real Estate Inc - Extension to phase 3 option to acquire GREA

Grit Real Estate IncomeAnnouncement

15/12/2022 07:00

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RNS Number : 7612J  Grit Real Estate Income Group  15 December 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 PHASE 3 OPTION EXERCISE TO ACQUIRE A CONTROLLING INTEREST IN

GATEWAY REAL ESTATE AFRICA LIMITED

 

 

Grit Real Estate Income Group Limited today announces signing a variation to
the agreement with Gateway Africa Real Estate Limited ("Gateway Partners"),
the outgoing private equity co-founder of Gateway Real Estate Africa Limited
("GREA") and African Property Development Managers ("APDM"), extending the
phase 3 option exercise date from 15 December 2022 to 15 May 2023. The option
pertains to Grit's right to acquire Gateway Partner's remaining 13.61%
interest in GREA and a 1% interest in APDM.

 

Grit is set to acquire a controlling interest in GREA in the three phases
described in the Company's announcement on 11 April 2022:

 

 Phase 1                                                      Grit acquired a 77.95% controlling stake in APDM, the external manager of

                                                            GREA, and lifted its direct interest in GREA from 19.98% to 26.29%.
 (completed 15 April 2022)

 Phase 2                                                      Grit lifted its interest in GREA from 26.29% to 35.01%.

 (completed 31 August 2022)

 Phase 3                                                      Grit has the option to acquire the remaining 13.61% interest in GREA and an

                                                            additional 1% of APDM owned by Gateway Partners.
 (originally 15 December 2022, now extended to 15 May 2023)

By order of the Board

15 December 2022

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

 H/Advisors Maitland - Communications Advisor
 James Benjamin                                                    +44 7747 113 930 / +44 20 7379 5151
 Alistair de Kare-Silver                                           Grit-maitland@h-advisors.global

 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 and award-winning
pan-African impact 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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