Grit Real Estate Income Group Ltd - Pan-African property investment and management company based in Mauritius - Announced on Thursday the disposal of its remaining 6.8% interest in associate Letlole La Rona Ltd. LLR predominantly owns industrial assets in Botswana. Grit Real Estate sold 18.9 million shares on Botswana Stock Exchange at BWP2.50 each, or around USD0.19. Proceeds amounted to USD3.6 million. Tranche concludes the company's four-part exit from its 30% investment in LLR. Disposal has raised USD20.3 million in total. Funds are expected to go towards debt reduction and redeployment into acquisitions and medium-term future projects.
Grit Chief Executive Officer Bronwyn Knight says: "Since the original investment in 2019, and supported by Grit’s direct real estate and governance involvement, LLR has delivered substantial value to all shareholders. While Grit remains highly committed to investment in Botswana and the broader region, this recycled capital will now be redeployed in support of Grit’s ongoing transition towards Africa impact focussed assets...which are expected to deliver near and longer term value creation and growth in net asset value and income".
Current stock price: 31.14 pence, down 4.2% in London on Friday
12-month change: down 12%
By Emma Curzon, Alliance News reporter
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