Grit amplifies key milestones with Afrasia bank Mauritius Open sponsorship

Tuesday, October 24, 2017

- Sponsorship culminates a year of significant milestones
- Largest capital raise for African real estate in recent times
- Rebrand and name change successfully completed
- SEM-10 inclusion
- Seventh consecutive dividend distribution in line with guidance

Grit Real estate income group, the only listed distribution group to offer international propertyinvestors direct access to immediate high growth opportunities on the African continent outside ofSouth Africa, today announced its sponsorship of the Afrasia Bank Mauritius Open.  

“As a proudly Mauritian company, we are extremely excited about the sponsorship,” commentedBronwyn Corbett, Chief Executive of Grit.

“The Mauritian Open not only provides us with an excellent platform to amplify some very significant milestones reached during the past year, but also allows us to interact with key clients and partners in one of the most beautiful locations in the world.” 

The Company successfully launched its new name and corporate identity in June this year, following one of the largest capital raises for African real estate in recent times.

The US$121.22 million capital raise not only introduced new shareholders to the Company but provided Grit with further economies of scale as it increased its property portfolio to 20 assets valued at US$ 540 million in five African countries, including Mauritius. 

Being listed on the Stock Exchange of Mauritius and in Johannesburg, Grit reached another milestonewith its inclusion in the SEM-10 recently. This index comprises the ten largest eligible shares of the
Official Market of the Stock Exchange of Mauritius, measured in terms of average marketcapitalization, liquidity and investability criteria. 

The SEM-10 meets international standards and provides an attractive, investable benchmark for both domestic and foreign market participants, resulting in higher liquidity for constituents.

On 26 September 2017, Grit declared its seventh consecutive dividend in line with Company guidance since its formation of in 2014. Total dividends for the year amounted to US$12.07 cents per share. 

The AfrAsia Bank Mauritius Open is tri-sanctioned by the Sunshine Tour, European Tour and Asian Tour and has this year been expanded to include a field of 156 professionals competing for €1 million in prize money. The field includes 2010 Open champion Louis Oosthuizen, rising French star Romain Langasque, European Tour winners Brandon Stone, George Coetzee, Dylan Frittelli, and nine-time Asian Tour winner Scott Hend.