GRIT Real Estate upbeat on African potential as assets rise by 6%

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GRIT Real Estate upbeat on African potential as assets rise by 6%

3:08 CAT | 27 Sep 2018

Rovuma Basin development should boost demand for property in Mozambique

Africa-focused property trust Grit Real Estate Income Group Limited (LON:GR1T) increased net assets by 6% in the latest half year, while the number of investments rose to 22.

The group raised US$132.2mln through a listing on the main market in London in July to expand a portfolio that already encompasses assets in Botswana, Kenya, Mozambique, Ghana and Mauritius.

Net asset value (EPRA) in the year to June rose to 145.7 US cents, with the gross value of properties on the books up to US$642mln from US$489mln.

GRIT focuses on buildings for multinationals and large corporates.

Occupancy is running just short of 97%, but GRIT said the economic conditions, especially in Mozambique, are holding back the value of the portfolio, but it remains confident over the future.

Dividends area key part of its strategy and the dividend for the year rises to 12.19c, a 1% increase.

In 2019, GRIT is targeting an increase in the dividend of between 3-5%.

Source: Proactive Investors