GRIT Real Estate will become the first Mauritius company to have a premium listing on the London Stock Exchange. Picture: James White
GRIT Real Estate will become the first Mauritius company to have a premium listing on the London Stock Exchange. Picture: James White

Grit to move to LSE Premium Market

By Edward West Time of article published Jan 6, 2021

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CAPE TOWN - GRIT Real Estate, a leading pan-African real estate investment trust which has a secondary listing on the JSE, will become the first Mauritius company to have a premium listing on the London Stock Exchange.

The company, which invests in and manages a diversified portfolio of assets underpinned by mainly US dollar and Euro denominated long-term leases with multi-national tenants, said Tuesday that an application to step up to a Premium Listing had been approved by the LSE.

The migration was expected to take place in early January 2021.

Chief executive and co-founder Bronwyn Corbett said the listing would rank as one of their “greatest milestones to date and the fact we are one of only a few African companies, the only Mauritian one, and women-led is even more encouraging.”

Companies listed in the premium listing segment are required to meet the UK's highest standards, which are higher than EU’s minimum requirements.

“This provides investors with best in class corporate governance and protections and will support the company’s FTSE index inclusion and greater liquidity in our share over time,” Corbett said.

The LSE provides access to Europe’s deepest pool of capital. Some 1 000 companies from 100 countries are listed on the exchange, including many of the world’s largest, most successful and dynamic companies.

Grit has its primary listing on the standard segment of the LSE, and a secondary listing on the Stock Exchange of Mauritius. The company delisted from the JSE in July this year as part of efforts to improve liquidity, save costs, and allow access to cheaper equity and debt finance.

BUSINESS REPORT ONLINE

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