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

Sector Icon - Light Industrial

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%

Value presented proportional to ownership interest held, 100% GLA reported

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