Grit Real Estate to acquire a majority stake in Gateway Real Estate Africa.

Grit Real Estate, a pan-African impact real estate company, agreed to acquire a majority stake in Gateway Real Estate Africa, a property developer. Financial terms were not disclosed. “We are pleased to announce today the acquisition of a majority controlling interest in APDM and to agree amendments to the sale and purchase agreements that set out a clear path for Grit to purchase a controlling shareholding in GREA by December 2022. These are expected to contribute meaningfully to Grit delivering enhanced profitable growth and superior returns to our shareholders, through GREA’s extensive attractive pipeline of accretive development opportunities and for Grit to capitalise on new fee income streams through APDM’s substantial development and asset management fees. We also expect to deliver additional value to our shareholders from the potential optimisation of the balance sheets of Grit and GREA," Bronwyn Knight, Grit CEO.