RCS - Grit Real Estate Inc - Annual Overview from QuotedData

Grit Real Estate IncomeAnnouncement

09/05/2024 10:45

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RNS Number : 8054N  Grit Real Estate Income Group  09 May 2024

 

Grit Real Estate Income Group - Annual Overview from QuotedData

9(th) May 2024

Building on steadier ground

Having successfully undertaken its latest act of corporate engineering, Grit
Real Estate Income Group (Grit) is in a good place to realise substantial
capital value and income growth over the medium term. The sale of two assets
to meet a capital call by its majority-owned development partner (Gateway Real
Estate Africa - GREA) means GREA is well capitalised to deliver a near-term
pipeline of developments, including a diplomatic housing scheme pre-let to the
US government. Further projects (including more residences for the US embassy
as well as hospitals, industrial and data centres) will provide Grit with
substantial net asset value (NAV) and earnings growth when they complete and
rental income streams are stabilised.

We expect this will have a positive impact on Grit's share price. The group's
wide discount to NAV reflects (among other things) its expensive debt, with
interest rates greater than its portfolio yield. A plan is in hand to reduce
the impact of this through further sales of non-core property.

Full Research:

https://quoteddata.com/research/grit-real-estate-income-group-building-steadier-ground-qd/
(https://quoteddata.com/research/grit-real-estate-income-group-building-steadier-ground-qd/)

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NB: Marten & Co was paid to produce this note on Grit Real Estate Income
Group, and it is for information purposes only. It is not intended to
encourage the reader to deal in the security or securities mentioned in this
report. Please read the important information at the back of this note.
QuotedData is a trading name of Marten & Co Limited which is authorised
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