- Mauritius-based Grit Real Estate Income Group (GRIT) has bought an extra 8.72 per cent stake in Gateway Real Estate Africa Ltd (GREA).
Mauritius-based Grit Real Estate Income Group (GRIT) has bought an extra 8.72 per cent stake in Gateway Real Estate Africa Ltd (GREA).With the additional purchase of shares, GRIT has raised its stake in the firm to 35.01 per cent from 26.29 per cent.
In a recent statement, the company disclosed that it paid $19.4 million (Sh2.33 billion) for the additional shares to Gateway Partners, a Dubai-based private equity fund and co-founder of GREA. The statement added that the current addition to the stake holding would raise the income of Grit’s shareholders with capital growth from GREA’s fully funded pipeline of accretive development assets, which collectively have reached 80 per cent completion.
The proposed plan of the Mauritian firm is to raise its direct stake in GREA further to 48.62 per cent by December. It began adding to its stake in April when it pushed its holding from 19.98 per cent to 26.29 per cent. One of the recent projects of GREA is the development of a $48.5 million (Sh5.8 billion) housing estate for the US Embassy in Nairobi. If it has a controlling stake in GREA by the end of the year, Grit will also effectively own half of the US Embassy housing project which GREA has developed jointly with US-based Verdant Ventures. Grit has been enhancing its presence in the local real estate sector. it owns half of Naivasha Buffalo Mall and a pharmaceutical warehouse located on Mombasa Road. The facility is leased out to South Africa’s Imperial Health Sciences Logistics. In March it completed the purchase of Orbit Products Africa’s manufacturing facilities from Sachen Chandaria in a deal worth $53.6 million (Sh6.4 billion).
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