LISTED PROPERTY
Grit buys a stake in Maputo complex
Grit has investments in six African countries
Grit Real Estate, the only pan-African property fund listed on the JSE, has acquired a stake in Acacia Estate, a complex in Maputo, Mozambique that provides corporate accommodation to American clients. This is Grit’s first foray into the corporate accommodation sector, which tends to cater for investors who are working on short-to medium-term projects in Africa. Grit CEO Bronwyn Corbett said the group had started to see demand from companies, especially Americans, looking for accommodation for their staff while doing projects in Africa. Acacia Estate offered housing units that met high security requirements and were in walking distance of an international school in Maputo. Corbett said her team had wanted to acquire the residential complex for the past three years. JSE-listed Tradehold was the owner. Grit would buy an 80.1% stake in the A-grade complex for about $23m, while its developer would hold 19.9%. The asset included two attractive leases, one of which was a 12-year lease wit...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.