Nairobi, Kenya
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.
Property Details
Imperial Warehouse
Light Industrial Sector
100% Ownership
| Location: | Nairobi, Kenya |
| Anchor Tenant: | Imperial Health Sciences |
| Acquisition Price: | US$18.0 million |
| Valuation1 (as at Dec 2019): | US$21.1 million |
| Acquisition Date: | Wednesday, 16 August 2017 |
| WALE – GLA: | 7.58 |
| WALE – Income: | 7.58 |
| Land Title: | Leasehold |
| GLA1: | 13 702 m² |
| EPRA Vacancy: | 0.0% |
| EPRA NIY: | 7.1% |
1 Value presented proportional to ownership interest held, 100% GLA reported
