Mauritius’ Grit reaching $30 million fund commercial and industrial real estate target in sub-Saharan Africa
The new vehicle, Africa Impact Industrial, claims nearly $200 million in projects in the pipeline. In addition, it will receive a $30 million bond placement from the IFC. Grit, a group in which Eskom’s pension fund has invested, is housing part of its portfolio of assets in Kenya and Mozambique.
20/04/2023 at 18h23, by Africa Business+
Africa Impact Industrial, a fund based in Mauritius, aiming to invest in real estate and commercial projects in sub-Saharan Africa (excluding South Africa), was created as a wholly owned subsidiary of Grit Real Estate Income Group. This group, also based in Mauritius and listed on the Port Louis (SEM) and London (LSE) stock exchanges, has secured a first investment of $30 million for its new vehicle from the International Finance Corporation (IFC), a fund structured as a Real Estate Investment Trust (REIT). This is a subscription to subordinated bonds issued by Africa Impact Industrial under its provisional name Bora Africa.
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