Results of the Open Offer and Placing

and

Issue of Equity

Further to Grit's announcement on 22 November 2021, the Board of Grit Real Estate Income Group Limited, a leading pan-African real estate company focused on investing in and actively managing a diversified portfolio of assets underpinned by predominantly US$ and Euro denominated long-term leases with high quality multi-national tenants, announces that, following completion of the Open Offer and Placing (the "Issue"), which closed on 16 and 17 December 2021, respectively, the Company will issue an aggregate number of 146,342,312 New Ordinary Shares to Shareholders and Placees on Tuesday, 21 December 2021 at an issue price per New Ordinary Share of US$ 0.52.

The issue of an additional 155,027,444 New Ordinary Shares at an issue price per New Ordinary Share of US$ 0.52 to the Selling Shareholders of Gateway Real Estate Africa Limited ("GREA") and Africa Property Development Management Limited ("APDM") as consideration for the sale of their stakes in GREA and APDM to Grit, will be effected upon the fulfilment or waiver (as applicable) of the conditions precedent, which conditions must be fulfilled or waived by no later than 31 March 2022.

Peter Todd, Non-Executive Chairman of Grit Real Estate Income Group Limited, said:

"We are pleased by the success of the Issue, and, on behalf of the Board, I would like to thank existing and new Shareholders for their support. The success of the Issue reflects our confidence in both reducing Grit's overall levels of debt and driving further expansion in our core and expanded business, which we expect will deliver enhanced value to our Shareholders. The Grit Board expects to resume dividend payments in the current financial year, distributing out of net operating income generated from our existing property assets."

Applications have been made with the FCA, the LSE and the SEM for the listing of the total number of New Ordinary Shares being issued pursuant to the Open Offer and Placing on the premium segment of the Official List of the FCA and to be admitted to trading on the Main Market of the LSE and for such New Ordinary Shares to be admitted to trading on the Official Market of the SEM with effect from commencement of trading on Tuesday, 21 December 2021 ("Admission").

Following Admission of the New Ordinary Shares issued pursuant to the Open Offer and Placing, Grit will have a total of 477,577,858 Ordinary Shares in issue.

Further detail of the Open Offer and Placing results

The Company is issuing 97,185,369 New Ordinary Shares pursuant to the Open Offer, and 49,156,943 New Ordinary Shares pursuant to the Placing. In total, the Open Offer and Placing raised US$76,098,002 before the expenses of the Issue.

Terms not otherwise defined in this announcement have the meanings given to them in the Prospectus issued by Grit on 22 November 2021.

By Order of the Board

20 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.