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Grit Real Estate Agrees To Acquire Stake In Massira Corner, Morocco

Source : | 13 February 2020 |  News | 17 views

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Alliance News

Grit Real Estate Income Group Ltd on Wednesday said it has agreed with Societe Soprima and Residence Massirat Al Houda, a subsidiary of Soprima, to acquire an interest in an approved Organisme de Placement Collectif Immobilier vehicle.

The pan-African real estate company said this vehicle is equivalent to a real estate investment trust in Morocco.

The transaction will consist of Grit acquiring its share in the Organisme de Placement Collectif Immobilier from Massirat Al Houda.

Massirat Al Houda is a sole legal and beneficial owner of a mixed-use property known as Massira Corner, located in Casablanca, Morocco.

Massirat Al Houda will transfer this property to the Organisme de Placement Collectif Immobilier prior to the sale. Massira Corner consists of gross lettable area of 16,500 square metres and is anchored by Hotel Onomo on an initial lease period of nine years.

The acquisition price to be paid by Grit for acquiring an interest in the Organisme de Placement Collectif Immobilier shall be agreed at an acquisition yield which shall be accretive to shareholders of Grit, the company said.

The company said it is targeting to complete the transaction prior to the end of June, which is subject to a number of conditions precedent and the conclusion of binding agreements.

“I am excited by the opportunities for Grit to significantly and profitably grow the new REIT vehicle’s asset base in Morocco with the inclusion of further potential acquisitions,” said Grit Chief Executive Bronwyn Corbett.

Grit shares were trading 0.2% higher in London at USD1.18 each on Wednesday, while in Johannesburg the stock was untraded, last quoted at ZAR16.48 a share.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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