REG - Grit Real Estate Inc - Update on the AnfaPlace Mall potential disposal

Grit Real Estate IncomeAnnouncement

16/03/2022 07:15

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RNS Number : 8967E  Grit Real Estate Income Group  16 March 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" and, together with its subsidiaries, the "Group")

 

 

ANFAPLACE MALL, MOROCCO

CAUTIONARY ANNOUNCEMENT IN RELATION TO ITS POTENTIAL SALE

 

 

The board of Directors (the "Board") of 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$ and Euro denominated long-term leases with high quality
multi-national tenants, today provides an update on the AnfaPlace Mall
potential disposal first announced by the Company on 13 October 2021 (link
here (https://polaris.brighterir.com/public/grit/news/rns/story/wv1mjzw) ).

 

The Company has received a formal offer to acquire AnfaPlace Mall with a
number of conditions precedent. Whilst there can be no certainty that this
transaction will take place, the Company confirms that the pricing under
discussion represents a small discount to the latest book value as at 31
December 2021 and that the offer is set to expire on 31 March 2022. The Board
continues to assess its options and will provide further updates in due
course.

 

Grit is targeting the sale of non-core assets of up to 20% of the value of the
Group's portfolio by December 2023 at, or close to, reported book value to
strengthen its balance sheet and to re-deploy capital into its core portfolio
and its development pipeline.

 

By Order of the Board

 

16 March 2022

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation (EU no.
596/2014) (as amended) as it forms part of UK domestic law by virtue of the
European union (withdrawal) act 2018 and other implementing measures. Upon the
publication of this announcement, this inside information is now considered to
be in the public domain.

 

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 http://grit.group/
(http://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 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

UK Transfer secretary: Link Asset Services Limited

SEM authorised representative and sponsor: Perigeum Capital Ltd

Mauritian sponsoring broker: Capital Markets Brokers Ltd

 

This notice is issued pursuant to the FCA Listing Rules and 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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