Grit Real Estate, whose anchor shareholders include the Public Investment Corporation (PIC), has made available nearly R800m to acquire and expand a warehousing and manufacturing facility owned by a Kenyan consumer goods manufacturer, as part of a strategy to boost its exposure to light industrial assets.

The transaction is structured on a sale and leaseback basis, meaning Orbit Products Africa will sell and then lease back the facility from Grit over 25 years, with an option to extend it for another 10 years, the two companies said on Wednesday...

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