LONDON, UK: Grit Real Estate Income Group Limited (Grit) has announced the completion of the final phase of acquiring controlling interests in Gateway Real Estate Africa (GREA) and Africa Development Partners Management (APDM) from Gateway Partners and Prudential. Grit now owns 51.48% of GREA and 78.95% of APDM, while the rest is held by the Public Investment Corporation of South Africa.
GREA is a developer of commercial and residential properties in Africa, with several award-winning projects delivered in Ghana, Nigeria, Kenya and Mauritius. APDM is an asset management company that provides services to Grit, GREA and other clients.
The acquisitions are expected to enhance Grit’s portfolio value, leverage, growth and income distributions, as well as provide access to GREA’s pipeline of development opportunities and APDM’s fee income.
Grit CEO Bronwyn Knight said the acquisitions were significant milestones towards Grit’s vision of setting global benchmarks in Africa and delivering value creation and growth to all its stakeholders.
Grit paid a total of USD77.6 million for the increased shareholding in GREA across three phases, using a mix of cash and shares. It also paid USD5.5 million for the additional stake in APDM.
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