07:00 Tue 05 Mar 2019
Grit Real Estate Inc - Acquires additional 25% of Mukuba Mall
(Registered by continuation in the (Registration number: C128881 C1/GBL) LSE share code: GR1T SEM share code: DEL.N0000 JSE share code: GTR ISIN: MU0473N00036 ("Grit" or the "Company" or, together with its subsidiaries, the "Group") |
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ACQUISITION OF AN ADDITIONAL 25% SHAREHOLDING IN MUKUBA MALL, IN KITWE,
The board of directors of
Following completion of the Transaction, ZPH will own approximately 99.9 per cent. of the issued share capital of Paxton, which in turn owns a 25 per cent. interest in
"This acquisition of a further 25 per cent. shareholding in
Since the Company acquired its initial 50 per cent. shareholding in
The Property
Mukuba Mall is a retail property located in Kitwe,
Property name and address: |
Mukuba Mall, corner of |
Geographic location: |
Kitwe, |
Sector: |
Retail |
Gross lettable area (m2): |
28,236 |
Weighted average gross rental/m2/pm: |
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Weighted average annual lease escalation: |
3.8% |
Vacancy rate by gross lettable area (m2): |
0% |
Acquisition Yield: |
8.20% |
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7.75% |
Warranties
The seller has provided the Company with warranties and indemnities standard for a transaction of this nature.
Effective Date
The Transaction is subject to the fulfilment of various conditions precedent, including satisfactory due diligence and approval by the relevant competition authority.
Categorisation
The Transaction is uncategorised in terms of the SEM Listing Rules, the JSE Listings Requirements and the LSE Listing Rules. Information contained in this announcement has been voluntarily disclosed by Grit.
The Transaction constitutes an undertaking in the ordinary course of business of Grit.
By Order of the Board
FOR FURTHER INFORMATION, PLEASE CONTACT:
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+230 269 7090 |
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+44 779 512 3402 |
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+27 82 480 4541 |
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Maitland/AMO - Communications Adviser |
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+44 20 7379 5151 |
Vikki Kosmalska |
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finnCap Ltd - |
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+44 20 7220 5000 |
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+44 20 3772 4697 |
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+44 20 3772 4698 |
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Shamin A. Sookia |
+230 402 0894 |
Kesaven Moothoosamy |
+230 402 0898 |
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+27 21 887 9602 |
The Company's LEI is: 21380084LCGHJRS8CN05
NOTES:
The Company is committed to delivering strong and sustainable income for shareholders, with the potential for income and capital growth. The Company is targeting an annual dividend yield in US$ of 8.0%+p.a and a net total shareholder return inclusive of NAV growth of 12.0%+ p.a.*
The Company currently holds primary listings on both the Main Market of the
Further information on the Company is available at http://grit.group/
*These are targets only and not a profit forecast and there can be no assurance that they will be met.
Directors:
Peter Todd+ (Chairman),
(* Executive Director) (+ independent Non-Executive Director)
Company secretary:
Registered address: c/o
Transfer secretary (
Registrar and transfer agent (
JSE sponsor: PSG Capital Proprietary Limited
Sponsoring broker:
SEM authorised representative and sponsor:
This notice is issued pursuant to the JSE Listings Requirements, the LSE Listing Rules, SEM Listing Rule 11.3 and Rule 5(1) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007. Board of the Company accepts full responsibility for the accuracy of the information contained in this communiqué.
This information is provided by RNS, the news service of the
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