on Grit Real Estate Income Group (isin : GG00BMDHST63)
SARB Approves GREA's $100 Million Recapitalization
Grit Real Estate Income Group has received approval from the South African Reserve Bank (SARB) for its $100 million recapitalization plan through its subsidiary, Gateway Real Estate Africa (GREA). A delay in the capital injection from the Public Investment Corporation (PIC), representing the Government Employees Pension Fund, occurred due to SARB's regulatory requirements.
The SARB approval came with a condition requiring GREA to redomicile to Kenya, a process expected to complete early in 2025. This approval eases previous uncertainties regarding Grit's ability to continue as a going concern, as highlighted in their financial statements.
The concrete commitment from PIC and GEPF is expected to further strengthen GREA's position in the African real estate market, as emphasized by GREA's CEO, Greg Pearson.
R. E.
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