Grit Real estate income group, the only listed Africa focused distribution group to offer international property investors direct access to immediate high growth opportunities on the African continent outside of South Africa, announces that it is officially registered on the main market of the London Stock Exchange (LSE). The Welcome Ceremony and Market Opening took place on 31st July 2018 at 8 a.m. UK time.
Upon listing, Grit has become the first of its kind Mauritian company to list on the main market of the LSE. Bronwyn Corbett, founding member and Chief Executive of Grit commented: “Our planned listing on the London Stock Exchange will create a compelling opportunity for UK and other equity investors to gain exposure to the African real estate sector, which offers some of the best returns in the global property market. We have a proven track record of generating income from our selective and diversified range of assets, built through our close and detailed understanding of the region’s property investment environment. The listing will support our aim to grow our portfolio further and becomethe leading real estate owner on the African continent outside South Africa.”
As part of the listing, Grit will issue up to 250 million new ordinary shares at an EPRA net asset value of US$1.43 per ordinary share, to raise a minimum of US$120 million. The issue will be by means of an offer for subscription in the UK and a private placement of ordinary shares in the UK, South Africa and Mauritius.
A combination of strong experience
The proceeds of the listing will be used to grow Grit’s portfolio in Ghana, where it has access to a high-quality pipeline of assets, as well as in other regions, and to reduce gearing. “We have always had the ambition of taking our listing to one of the world’s major exchanges but needed to build a high-quality but sizeable portfolio with a consistent track record of delivery. Being a Mauritian company played a very important role in our success to date. It is a business-friendly country, internationally recognised for good corporate governance and its legal system. Mauritius has proven to be our gateway to Africa, not only in commercial terms, but also through its people. Grit today employs more than 20 Mauritian nationals, with a diverse range of skill-sets in finance, real estate, legal and communications. What we are also exceptionally proud of is the number of females in senior positions,” adds Bronwyn Corbett.
Grit has currently 46 permanent employees. According to Bronwyn Corbett, the success of the group relies on a unique combination of strong experience. “They are the definition of true grit. To have succeeded with the listing on the LSE in six months is an absolutely phenomenal task and that was possible thanks to the commitment of our team.”
“Africa is the last frontier”
Most of Grit’s executive team are females and the company has one of the highest female representation on boards on the JSE and the SEM. Most other senior positions are held by women.
Once listed on the LSE, Grit will hold primary listings on both the JSE, the LSE, and SEM.
AXYS Corporate Advisory is acting as lead transaction adviser and Perigeum Capital is acting as the Mauritian transaction adviser. finnCap Limited is acting as UK financial adviser and joint UK placing agent. Baden Hill, a trading name of Northland Capital Partners Limited and Exotix Partners LLP are acting as joint UK placing agents. PSG Capital is acting as sponsor and placing agent in South Africa.
And Bronwyn Corbett to conclude: “Today we find ourselves in seven countries, we will be soon going to the 8th country, Senegal. Our strategy from day one was clear: we wanted to be an Africa focus business, because for us, Africa is the last frontier from where the growth is coming. Provided you can mitigate some of the perceived Africa risks, the ability to grow and the ability to create a platform of real estate which will support the growth story of these countries is huge. For us, we consider going anywhere else. Our home is Africa and we are very optimistic for the future”.
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