Grit Real Estate Income Group said yesterday its portfolio continues to deliver secure and growing income. (AP Photo/Rogelio V. Solis)
CAPE TOWN - Grit Real Estate Income Group, which is listed on the JSE, in London and in Mauritius and which invests in property assets in seven African countries, excluding South Africa, said yesterday its portfolio continues to deliver secure and growing income, and it was trading in line with the board’s expectations.

The group said in a trading update ahead of the release of results the year to end-June 30, 2019, that they are “on track to deliver its targeted 12percent total shareholder return and positive growth in dividend”.

Traditionally the group targets dividend growth of 8percent or more.

Successful leasing activity in the period included a new five-year office lease to Exxon Mobil in Commodity house Phase 2 in Maputo, a Vale lease extension at VDE in Mozambique and a 10-year lease renewal to Anadarko in Commodity House Phase 1 in Maputo.

The group also had a “significant and growing” pipeline of potential diversified investment opportunities, worth $600million (R8.59billion).

Options to raise further capital were being considered.

The strategy was also being expanded to include a small number of development opportunities.

The results are expected to be published around September 26, 2019.

The company was considering moving to the main market on the LSE in the final quarter of 2019, and it may redomicile to Guernsey from Mauritius.

BUSINESS REPORT