NCBA Group, a leading Kenyan banking group, has signaled its growing confidence in the African real estate market by significantly increasing its credit facility to Grit Services Limited.
This move strengthens the existing partnership between the two companies and positions NCBA to benefit from the expanding pan-African real estate landscape.
NCBA Group has extended an additional $11.98 million in credit to Grit Services, bringing their total investment to $29.48 million as of December 2023.
This new financing increases NCBA’s share of Grit’s total borrowings from 3.8% to 7.1%, reflecting their growing trust in Grit’s performance.
Grit boasts a well-diversified real estate portfolio valued at $862 million as of June 2023, with properties strategically located across 10 African countries.
The portfolio is solidified by long-term leases denominated in US dollars and Euros, ensuring stable income generation from high-quality multinational tenants.
The increased investment by NCBA is a strategic move for both companies. NCBA gains exposure to a strong and growing market with the potential for high returns.
Grit also benefits from securing additional capital to solidify its financial position and drive further expansion.
Grit’s commitment to a pan-African presence and a diverse portfolio is a key factor in its long-term success.
Their ability to cater to a multinational client base across the continent positions them to benefit from the rising tide of African economies and urbanization.
Grit isn’t just a company that builds and manages properties, they’re dedicated to creating a positive impact.
Their focus on high-quality, sustainable assets reflects their commitment to Environmental, Social, and Governance (ESG) principles.
This focus is evident in their recent investments in Kenyan healthcare facilities, with projects exceeding $350 million planned for development.
These initiatives demonstrate Grit’s mission to drive positive change that benefits not just their stakeholders, but future generations as well.
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Africa’s real estate market is experiencing a boom, driven by factors like rapid urbanization and economic development.
NCBA’s increased investment in Grit reflects this growing confidence in the potential of the African real estate sector.
Other key players are also recognizing this potential, making the pan-African real estate market a space to watch.
NCBA Group’s deepened commitment to Grit Services underscores the growing importance of the African real estate market.
With Grit’s established presence, diverse portfolio, and focus on sustainability, this partnership is well-positioned for continued success.
The future looks bright for both NCBA and Grit as they capitalize on the exciting opportunities within the pan-African real estate landscape.
Stay updated on their progress as they navigate this changing market and continue to drive growth and innovation in the African real estate sector.
