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Real estate entrepreneur Bronwyn Corbett says investors who have stuck by pan-African property fund Grit Real Estate in its various guises over the past few years are finally to be rewarded.
Grit CEO Corbett expects the company’s share price, which has underperformed over the past three years, to gain momentum during the rest of 2018. She says investors will also be attracted by the opportunity to receive dollar income from the fund, something most JSE-listed real estate companies do not offer.
The group, which listed in 2014 with R2.2bn of assets, has grown from being a company searching for opportunities across an array of African countries into a fully fledged property fund that pays US dollar-denominated dividends and manages about $600m (R7bn) worth of assets across seven African countries.
By June 1 the fund will own assets worth more than $1bn (R11.86bn), according to group director Greg Pearson.
Based in Mauritius, Grit was spun out of Delta Property Fund, a real estate comp...
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