Grit was established in January 2014 when Co-Founders Greg Pearson and Bronwyn Corbett recognised the opportunity to develop a diversified real estate income company that partners with multinational blue-chip tenants across their real estate needs in Africa (ex South Africa). The Company was established with a permanent capital structure and an investment mandate, from its shareholders, of holding income producing real estate assets on the continent, excluding direct property development risk.

Multinational clients generally require quality real estate solutions that include development capabilities. This led to the establishment of Gateway Real Estate Africa (GREA), a private turnkey development construction company in which Grit has a 19.98% interest, and which now allows the Group to service the full spectrum of its clients’ real estate requirements.

Bronwyn Corbett

Bronwyn Corbett, current Grit CEO, is a South African Chartered Accountant with extensive experience across the unlisted and listed real estate sector. She has successfully led debt raising programmes as well as the listing of REITs on the Johannesburg Stock Exchange. She is a past winner of the South African Institute for Chartered Accountants’ “Top 35 under 35”competition and a winner of the Southern Africa chapter of the EY World Entrepreneur Awards Programme in the Exceptional category.

Her passion for African real estate is only exceeded by her support of causes that empower the continent’s women, wildlife, and oceans.

Greg Pearson

Prior to co-founding Grit, Greg Pearson was an executive at AECOM, a NYSE listed infrastructure firm, where he was Managing Director of its African operations. He developed an expansive strategic business network of multinational tenants with diverse real estate needs, local and global developers and influential industry players on the continent and beyond. He has successfully completed a series of developments across the office, retail, leisure, education and healthcare sectors and has experience in over 40 African countries.

Greg is currently CEO of Gateway Real Estate Africa (GREA), in which Grit owns a 19.98% interest.

Timeline of Events


■ Acquisition of Assets

■ Key Events

January 2020

Acquisition of Club Med Cap Skirring Hotel for EUR 16.2 million (Senegal)
[with subsequent redevelopment scheme capped at EUR28m]


■ Acquisition of Assets

■ Key Events

March 2019

Acquisition of an additional 25% equity stake in Mukuba Mall in Kitwe for US$8.2m (Zambia)

April 2019

Paid distribution of US$5.25cps for the six months ended 31 December 2018

June 2019

Acquisition of an additional 20 units and development land at VDE Housing Estate in Tete for US$3.6 million (Mozambique)

September 2019

US$140m debt facility in respect of Mozambique portfolio refinance

September 2019

Successful completion and launch of AnfaPlace Mall renovation at a capital cost of US$25m (Morocco)

November 2019

Acquisition of additional 23.75% interest in Bostwana-listed Letlole La Rona (LLR) for US$13.8m (Botswana)

November 2019

Paid distribution of US$6.95cps, take FY2019 distribution to a total of US$12.20cps


■ Acquisition of Assets

■ Key Events

March 2018

Paid distribution of US6.07cps for the six months ended 31 December 2017

May 2018

Acquired 47.5% of Capital Place for US$12.2m (Ghana)

July 2018

Grit successfully raised US$132m in London Listing Capital Raise

Grit becomes the first Pan-African Real Estate Income Group & first Mauritius-domiciled company to list on the Main Market of the London Stock Exchange (LSE)

Introduction of UK Investors into share register

August 2018

Acquisition of 80.1% stake in Acacia Estate for US$24.2m (Mozambique)
[Tenanted by the US Embassy]

September 2018

Acquisition of CADS II Building for US$10.5m in Accra (Ghana)

November 2018

Paid dividend of US$6.12cps, taking FY2018 distribution to a total of US$12.19cps

December 2018

Acquisition of 5th Avenue Building for US$20.5m in Accra (Ghana)


■ Acquisition of Assets

■ Key Events

March 2017

Leaseback acquisition of Tamassa Resort (Mauritius) from Lux Resorts for US$40m & acquisition of Mall de Tete (Mozambique) for US$24.2m

March 2017

Paid distribution of US6.12cps for the six months ended 31 December 2016

June 2017

Distribution – clean out dividend for period 1 Jan 17 to 30 Apr 17 of US4.57cps prior to Rights Offer

Raised US$121m by way of a Rights Offer at an issue price of US$1.40 per share, significantly increasing market cap and asset value to c.US$600m

June 2017

Acquisition of 50% stake in Cosmopolitan Mall for US$37.2m (Zambia)

July 2017

Shareholders approved Grit’s rebrand and name change, reflecting the Group’s current reality and future growth ambitions

August 2017

Acquisition of Imperial Distribution Center for US$18m (Kenya)

Acquisition of 6.25% stake in Letlole La Rona (Botswana)

October 2017

Paid distribution of US1.38cps, taking FY2017 distribution to a total of US$12.07cps

October 2017

Inclusion into the SEM-10 Index

November 2017

Completion of Commodity House Phase II at a value of US$17.3m (Mozambique)


■ Acquisition of Assets

■ Key Events

February 2016

Acquisition of ABSA House for US$13.6m (Mauritius)

March 2016

Paid distribution of US$6.17cps for six month period ended 31 December 2015

April 2016

Acquisition of 50% stake in Buffalo Mall (Kenya) & Bollore Warehouse (Mozambique) for US$14.8m (combined)

May 2016

Delta Africa officially becomes Mara Delta – the largest pan African income fund listed on the JSE and SEM

October 2016

Paid distribution of US$5.58cps, taking FY2016 distribution to a total of US$11.75cps

September 2016

Acquisition of VDE Housing Estate for US$33.1m (Mozambique)

December 2016

Leaseback acquisition of a 44.4% stake in Beachcomber Hospitality Investments (BHI), owner of 3 luxury resorts for US$83.4m (Mauritius)


■ Acquisition of Assets

■ Key Events

March 2015

Debut on Mauritius Stock Exchange (SEM) and migration from BSX.

Maiden distibution of US$6.64cps

April 2015

Introduction of the Public Investment Corporation as anchor shareholder in US$42.0m capital raise

April 2015

Acquisition of Hollard building for US$14.9m (Mozambique)

May 2015

Acquired the Vodacom Building for US$49m (Mozambique)

June 2015

Maiden issue of shares on the SEM

August 2015

Paid distribution of US$4.65cps, taking FY2015 distribution to a total of US$11.29cps

August 2015

Acquisition of Zimpeto Square for US$10.2m (Mozambique)

November 2015

Delta Africa and Pivotal announces business agreement to become Mara Delta

December 2015

Acquired Kafubu and Mukuba Malls for US$40.6m (Zambia)


■ Acquisition of Assets

■ Key Events

January 2014

Grit Real Estate Income Group Founded

Bronwyn Corbett and Greg Pearson, aware of the strong demand for world-class corporate real estate development across Africa, established Grit Real Estate Income Group* (“Grit”) in 2014.

July 2014

Acquired Commodity House Phase 1 as its 1st asset for US$32.5m (Mozambique)

Acquisition of AnfaPlace Mall for US$114.7m (Morocco)

July 2014

Completion of inward listing on the JSE Limited’s ALT-X board

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