| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Grit Real Estate Income sells 17.35% stake in Acacia Estate for $11.8 million
StockMarketWire.com
|
Real estate company Grit Real Estate Income said it had entered into a binding agreement to sell 17.35% stake in Acacia Estate, a residential condominium property located in Maputo, Mozambique, for $11.8 million.
The sale would cut its total stake to 62.65%, valued at $67.54 million.
'While remaining a core asset, the board believe that Acacia has reached an attractive valuation yield of 7.93% at 30 June 2020, representing a 9.4% increase on the August 2018 acquisition value,' the company said.
The cash from the part disposal of its share in the property would be used to replenish its working capital reserves in the short term and boost Grit's yield accretive pipeline over the medium term.
At 9:28am: (LON:GR1T) Grit Real Estate Income Group Limited Ord Npv Di share price was 0p at 48.5p
Story provided by StockMarketWire.com
|
|
|
|
|
|
