A leading African real estate investment firm grit group announced its plan to float on the London Stock Exchange today, as it hopes to raise $120m (£90m) in a move to expand its property portfolio across the continent.

GRIT Real Estate Income Group, which invests in seven African countries, is aiming to raise proceeds to buy assets in Mozambique and Ghana, as well as to expand out to markets such as Senegal and Seychelles.

Grit will issue up to 250 million new shares at an EPRA net asset value of US$1.43 per ordinary share to raise a minimum of US$120 million. This forms part of the listing. The issue will be by means of an offer for subscription and a private placement of ordinary shares in the UK, South Africa and Mauritius. The proceeds of the listing will go towards growing Grit’s portfolio in Ghana, which hosts Grit’s high-quality pipeline of assets as well as other regions and to reduce gearing.

Bronwyn Corbett, chief executive of GRIT, told City A.M : “For the growth of our business we believe the UK is the right market right now. London has such a rigorous process and ticks the box.”

Corbett added: “Africa might seem like a very far away place but we believe that bringing this to the investor market right now makes absolute sense. We are very excited to be on a platform that will launch us into the next stage of growth.”



READ ALSO; Grit Group acquires 50% ownership of Tullow Office Building, North Dzorwulu

Mauritius-based GRIT group, which describes itself as the “leading real estate owner on the African continent outside South Africa”, has enjoyed strong growth in sub-Saharan Africa in the last three years, benefiting from the continent’s rapid urbanisation and growing middle-class.

A spokesperson for GRIT group added: “We have always been looking to diversify our international investment basement and London is good place for people to target”.


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 7,262m2building named the CAD II building in the North Dzorwulu.



Please enter your comment!
Please enter your name here