Grit Real Estate could double its portfolio within two years
CEO Bronwyn Corbett says Grit is unique among JSE-listed property companies because it pays dividends in dollars
Grit Real Estate's decision to list on the London Stock Exchange (LSE) in the middle of 2018 has enabled the Africa-invested property stock to complete two acquisitions and also extend its shareholder base significantly, CEO Bronwyn Corbett says. This means Grit, which is the only Africa-focused real-estate investment trust (Reit) on the JSE, can raise enough funds to double its portfolio to more than R20bn in two years' time. Corbett spoke after the company released financial results for the six months to December, where the company said it would deliver 3%-5% dividend growth for its full 2019 financial year. The group listed on the LSE in 2018 and raised $132.2m of capital in the process. About 15% of Grit's total shareholder base consists of LSE investors. The money enabled it to complete strategic acquisitions in Ghana and Mozambique. In Mozambique, it acquired a corporate accommodation residence, which it let to both a global petroleum company and a US government agency. It acq...
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