Issue, Proposed Acquisition and General Meeting not impacted by AGM result

Further to its announcement on 29 November 2021 giving details of the results of the Company's 2021 annual general meeting, the Company confirms that the failure to be passed at the AGM of Special Resolution 1 (Authority to issue shares for cash on a non-pre-emptive basis) does not impact on the Company's ability to issue new Ordinary Shares pursuant to the proposed open offer and placing (the "Issue") of new Ordinary Shares of the Company announced on 22 November 2021.

As stated in the Company's combined prospectus and circular dated 22 November 2021 (the "Prospectus"), published in connection with the Issue, as the open offer is being made to all Shareholders on a proportionate basis to their existing shareholdings and the issue of new Ordinary Shares pursuant to the placing will only be in respect of any new Ordinary Shares not taken up by Shareholders pursuant to their open offer entitlements, there is no requirement for Shareholder approval to waive the pre-emption rights in the Company's articles of incorporation for the purposes of the Issue.

The Company notes that there is some misunderstanding amongst certain Shareholders and confirms that it continues to progress with the Issue, Proposed Acquisition and General Meeting as announced on 22 November 2021.

Terms not otherwise defined in this announcement have the meanings given to them in the Prospectus.

By Order of the Board

3 December 2021

FOR FURTHER INFORMATION, PLEASE CONTACT:

NOTES:

Grit Real Estate Income Group Limited is the leading pan-African real estate company focused on investing in 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 is targeting net total shareholder return inclusive of NAV growth of 12.0%+ p.a.*

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/

*        These are targets only and not a profit forecast and there can be no assurance that they will be met. Any forward-looking statements and the assumptions underlying such statements are the responsibility of the Board of Directors and have not been reviewed or reported on by the Company's external auditors.

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.