Grit now in eight African countries with Senegal acquisition
Grit Real Estate, the only pan-African property group listed on the JSE, has completed its acquisition of the Club Med Cap Skirring, a hotel in Kabrousse, Senegal.
The cost of the deal, first announced in July, has risen almost 4% to €16.2m (R259m) due to pre-development expenses incurred by Club Med SAS, with Grit planning further redevelopment and renovation at the hotel.
The company expects to begin this work, capped at a cost of €28m, by the end of the first quarter.
Grit already operates in Botswana, Ghana, Kenya, Mauritius, Morocco, Mozambique and Zambia and has a market capitalisation of R5.2bn.
“Concluding this first transaction with Club Med is a significant milestone and I look forward to progressing a number of the other opportunities with them across Africa, delivering real estate solutions and creating further value for Grit’s shareholders and for Club Med,” said CEO Bronwyn Corbett.
In morning trade on Tuesday Grit’s share price was unchanged at R16.50.