on Grit Real Estate Income Group (isin : GG00BMDHST63)
Grit Real Estate Completes $100 Million Recapitalisation
Grit Real Estate Income Group announced the completion of a $100 million recapitalisation of its subsidiary, Gateway Real Estate Africa (GREA). The Public Investment Corporation (PIC) of South Africa contributed $48.5 million on behalf of the Government Employees Pension Fund (GEPF). This move underscores GREA’s role as a strategic growth platform for real estate investments in Africa.
The funds will reduce GREA’s high-interest debt and support development projects in sectors like healthcare and business process outsourcing. These projects align with Grit’s 2.0 strategy focused on sustainable growth and ESG impact. The recapitalisation took effect on 27 November 2024.
Zethu Msindo has joined GREA’s board, representing the GEPF. His expertise will guide GREA in executing its extensive development pipeline. GREA continues to deliver notable projects, enhancing its position in Africa’s real estate sector.
R. P.
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