Grit Real Estate sticks it out in Africa
The JSE’s only Africa-focused property play remains committed to the continent even as others are looking to exit
Unlike their SA counterparts, it seems that UK investors didn’t need much convincing to buy into the African growth story. UK fund managers have already increased their exposure to Grit Real Estate Income Group from 12% to 20% since the Africa-focused company’s listing on the main market of the London Stock Exchange (LSE) at the end of July 2018. Grit’s LSE listing was preceded by a $132m bookbuild. Grit, which was co-founded in 2012 by SA chartered accountant Bronwyn Corbett in its former guise as Delta International (later renamed Mara Delta), now holds primary listings on the JSE, the LSE and the Stock Exchange of Mauritius. Corbett, with a team of 80 staff, runs Grit from Mauritius. She has grown assets under management nearly fourfold since 2012, from $220m to $800m. Investors who bought shares in the weeks leading up to Grit’s LSE listing have already made a decent profit — the share price shot up 25% from the end of June to early September. The stock has since traded in a nar...
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