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Grit to explore listing on LSE

Africa Global Funds
Feb. 23, 2018, 3:52 p.m.
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Grit, the largest and only pan-African focused real estate income group, is exploring a potential premium listing on the Main Market of the London Stock Exchange (LSE).

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Grit, the largest and only pan-African focused real estate income group, is exploring a potential premium listing on the Main Market of the London Stock Exchange (LSE).

Grit currently has its primary listings on both the Official Market of the Stock Exchange of Mauritius and the Main Board of the Johannesburg Stock Exchange, which listings will be retained in the event that the LSE listing proceeds.
 
The decision to explore an LSE listing comes as a result of demand by existing and potential stakeholders. 

Grit will be meeting with these stakeholders in the following weeks to discuss such a listing. 

The decision to proceed will be made in due course, depending on regulatory considerations, Board approval and market conditions.
 
Bronwyn Corbett, CEO of Grit, said: “London is very much the hotbed for international emerging and frontier market investors, but their focus has shifted away from high IRRs. What funds are looking for now is consistently performing dollar distribution yields and growth.
 
“Grit’s rental income is underpinned by global tenants with an average term of almost seven and a half years remaining on these dollar income leases. This, and very low vacancies across the portfolio have resulted in significant interest which we intend to explore further,” she added.

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