Grit Real Estate boasts good rental collection despite effects of Covid-19
Grit agreed on rent deferrals on 12.7% and rent concessions on 8.4% of contracted rental revenue between March and June
Property group Grit Real Estate said on Friday that while the effects of Covid-19 remained uncertain, the company had managed to collect most of its rent since the start of lockdowns.
Grit Real Estate — which has a portfolio of 47 assets in Botswana, Ghana, Kenya, Mauritius, Morocco, Mozambique, Senegal and Zambia — said it had collected 90% of the value of its contracted rental revenue between March to June, including prepaid rentals of $4.6m (about R77m).
“The group continues to focus on further strengthening and defending its current position and delivering effectively on its investment strategy over the short and longer term. Although the full impact of Covid-19 remains uncertain, the company has successfully focused on strong rent collections and tenant initiatives,” CEO Bronwyn Corbett said.
Grit agreed on rent deferrals on 12.7% and rent concessions on 8.4% of contracted rental revenue between March and June.
The company has collected 72% of its rental revenue in June while it had agreed on short-term concessions on 9.8% of its rental revenue, mainly in the retail sector.
With rental collections postponed in Mauritius until September, the group said that could result in slower cash collections during the current financial year.
In June, Grit announced its plan to delisting from the JSE following an offer by the Botswana Development Corporation Limited and Kenyan insurance company Zep-Re for a consolidated consideration of R14.90 per share. The company said it planned to focus on its listings on the London and Mauritius.
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