Grit property group announces $200m worth of investment deals in Ghana
Grit, the only pan-African listed property company, has announced the first of a group of deals that will see it invest $200m (R2.375bn) in Ghana. "Ghana has been earmarked as an expansion country based on its strong fundamentals. We have been monitoring the country’s economic reform with interest since 2014 and the real estate market has sufficiently repriced to meet our various investment hurdles," said CEO and founder Bronwyn Corbett. Grit announced it would buy 5th Avenue Corporate Offices, a three storey, fully let 5,070m² GLA A-grade office complex in the upmarket Cantonments quarter of the capital, Accra from Greenline Development, a regional real estate developer in operation since 2010. The purchase yield attributable to shareholders was 10.13%. The purchase consideration was $20.5m which would will be settled by $14.35m in cash and the balance of $6.15m by way of an issue of fresh shares at Grit’s net asset value of $152.67 per share. The office complex is anchored by a pu...
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