Tradehold sells Maputo estate to Grit for $9m cash and 2-million Grit shares
Seller Tradehold’s share price fell 6.7% to R14.01 while buyer Grit Real Estate’s share price rose 6.5% to R16.50 after the parties announced a $12m Mozambique property deal.
The two property groups said in separate Sens statements on Friday that Tradehold would sell Acacia Estate, located in Maputo, to Grit for $9m cash and 2-million Grit shares valued at $3m.
Tradehold, which is part of former Steinhoff International chair Christo Wiese’s stable of companies, said the disposal was is in line with its stated intention to reduce exposure to the African continent outside of SA and Namibia, and to reduce debt.
Grit described the property as "a premium asset and it meets Grit’s investment criteria of international blue-chip tenants underpinned by dollar-based leases".
"The complex is anchored by tenants occupying 98% of the gross lettable area these tenants are primarily a reputable state organisation and multi-national petroleum company," Grit said.
Grit also announced on Friday that it was acquiring a property in Accra, Ghana in exchange for 5.6-million new shares valued at $8.5m.