In November 2016 Grit announced that it has entered into negotiations to acquire a 13 560m2 distribution facility in Nairobi, Kenya from Imperial Health Sciences Kenya Limited (“Imperial Health Sciences”) on a sale and leaseback basis, secured by a renewable 10-year triple net lease underwritten by Imperial Holdings Limited for the duration of the lease term.
In addition, Grit acquired a 20 220m2 vacant plot of land adjacent to the distribution facility for a purchase consideration of US$2 996 000.
The distribution facility comprises pharmaceutical pallet locations, as well as consumer and cold-chain pallet locations and was originally custom-developed for Imperial Health Sciences.
Imperial Health Sciences
13 702 m²
Valuation1 (as at June 2019)
1 Value presented proportional to ownership interest held, 100% GLA reported