Grit Real Estate, the pan-African property fund, has applied to list on the London Stock Exchange (LSE) to compete for larger institutional investors abroad. Grit, the only JSE-listed company that invests solely in real estate in the rest of Africa, will also offer offshore investors dividend yields not offered by European property funds. The company listed on the JSE in 2014 with R2.2bn of assets and spent years scouting the continent for opportunities. Grit now pays dollar-denominated dividends and manages about $600m worth of assets in seven African countries. "Following consultation with Grit’s major shareholders and advisers, we have resolved to submit an application to the UK listing authority for the admission of Grit’s ordinary shares to a listing on the standard listing segment of the official list of the UK listing authority and to trading on the main market for listed securities of the London Stock Exchange," the group said. Chief financial officer Leon Paul van de Moorte...
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