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Grit Real Estate Income Group has acquired a 77.95% controlling stake of Africa Property Development Managers (APDM), the external asset manager of Gateway Real Estate Africa (GREA).

The acquisition will be settled through a vendor placement of over 17-million new ordinary shares for 47.37% interest, and a cash payment of $7.59m to Gateway Partners for their 30.58% interest. The initial agreement with Gateway Partners envisaged that the consideration would be paid by an issue of new ordinary shares at the issue price...

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