CATEGORIES: Africa, Private Equity, REITs & Funds

Grit Real Estate Income Group wants to list on the London Stock Exchange

Following an announcement made in late February 2018, the board of directors of Grit have resolved to submit an application to be listed on the Main Market of the London Stock Exchange.

Grit is a listed real estate income group operating in carefully selected African countries. The firm’s stated objective is to optimise structural investments underpinned by solid property fundamentals to achieve superior US Dollar and Euro returns. Grit has assets in Mozambique, Zambia, Kenya, Morocco, Mauritius and in more recent periods, Ghana. In March alone, the firm signed two binding Heads of Agreement for the acquisition of office properties within Accra. The first being for a 5,070m2 office building named 5th Avenue Corporate Offices in the Cantonments region and another 7,262m2 building named the CAD II building in the North Dzorwulu.

According to Grit, the desire for a UK listing came as a result of existing and potential stakeholder demand and was discussed with existing and potential stakeholders. Unfavourable REIT and listed real estate fund legislation and volatile market cycles in the few Sub Saharan African (SSA) markets where institutional investors are active has reduced the likelihood of listings in SSA (ex. South Africa).

Following the implementation of the LSE Listing, Grit will have primary listings on the Main Board of the Johannesburg Stock Exchange, on the Main Market of the London Stock Exchange (as a Standard Listing), while the primary listing of Grit on the Official Market of the Stock Exchange of Mauritius Ltd will be termed as a secondary listing.

It is the intention of the Board to apply to the UK Listing Authority for the admission of the Shares to a listing on the premium listing segment of the Official List of the UK Listing Authority and to trading on the Main Market of the LSE within a period of 12 months after the LSE Listing has been approved. Further information regarding the proposed LSE Listing will be contained in a prospectus that will be shared in due course.

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