t
Grit Real Estate Income Group Limited announced on 15 December 2022 that it signed a variation to an agreement with Gateway Africa Real Estate Limited and African Property Development Managers. This variation extends the phase 3 option exercise date from 15 December 2022 to 15 May 2023. The option pertains to Grit's right to acquire Gateway Partner's remaining 13.61% interest in Gateway Real Estate Africa Limited and a 1% interest in African Property Development Managers.
| Date | 15 Dec 2022 |
| Time | 07:00:04 |
| Category | Miscellaneous |
| ID | 7612J |
|
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" or the "Group")
|
|
EXTENSION TO PHASE 3 OPTION EXERCISE TO ACQUIRE A CONTROLLING INTEREST IN
GATEWAY REAL ESTATE AFRICA LIMITED
Grit Real Estate Income Group Limited today announces signing a variation to the agreement with Gateway Africa Real Estate Limited ("Gateway Partners"), the outgoing private equity co-founder of Gateway Real Estate Africa Limited ("GREA") and African Property Development Managers ("APDM"), extending the phase 3 option exercise date from 15 December 2022 to 15 May 2023. The option pertains to Grit's right to acquire Gateway Partner's remaining 13.61% interest in GREA and a 1% interest in APDM.
Grit is set to acquire a controlling interest in GREA in the three phases described in the Company's announcement on 11 April 2022:
|
Phase 1 (completed 15 April 2022) |
Grit acquired a 77.95% controlling stake in APDM, the external manager of GREA, and lifted its direct interest in GREA from 19.98% to 26.29%.
|
|
Phase 2 (completed 31 August 2022) |
Grit lifted its interest in GREA from 26.29% to 35.01%.
|
|
Phase 3 (originally 15 December 2022, now extended to 15 May 2023) |
Grit has the option to acquire the remaining 13.61% interest in GREA and an additional 1% of APDM owned by Gateway Partners. |
By order of the Board
15 December 2022
FOR FURTHER INFORMATION, PLEASE CONTACT:
|
Grit Real Estate Income Group Limited |
|
|
Bronwyn Knight, Chief Executive Officer |
+230 269 7090 |
|
Darren Veenhuis, Investor Relations |
+44 779 512 3402 |
|
|
|
|
H/Advisors Maitland - Communications Advisor |
|
|
James Benjamin |
+44 7747 113 930 / +44 20 7379 5151 |
|
Alistair de Kare-Silver |
|
|
|
|
|
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 and award-winning pan-African impact 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 www.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 office 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
SEM authorised representative and sponsor: Perigeum Capital Ltd
UK Transfer secretary: Link Assets Services Limited
Mauritian Sponsoring Broker: Capital Markets Brokers Ltd
This notice is issued pursuant to the FCA Listing Rules, 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.
