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Grit Real Estate reveals its function

Bronwyn Corbett

Port Louis, July 12 (UITV): Mara Delta Property Holdings Ltd has turned to Grit Real Estate as they aiming to consolidate its portfolio of real estate assets both in Mauritius and in the region. The management revealed the same at the Le Labourdonnais Hotel in Port Luis on Thursday.


"The new positioning of the brand is in line with the entrepreneurial spirit, the Group's determination and its ambitions for growth in Africa. We want to strengthen its international profile, "said Bronwyn Corbett, Grit's Chief Executive Officer (CEO). 


The CEO announced the the company has recently raised US$121 millio in the market to finance its acquisitions. The company has grown strongly in recent years and set a strong growth target in coming years.


"This will bring our asset portfolio to over USD 600 million. Grit aims to offer an international portfolio to its investors, while strengthening the credibility and authenticity of Africa," she added. 


Based in Grand Bay, Grit has steadily increased its investments in Mauritius. The Barclays Building in Ebony was its first acquisition in the country. The group also owns a 44.4% stake in a company that owns the walls of three four-star hotels of the Beachcomber group, namely Le Victoria, Le Canonnier and Le Mauricia. It enjoys full ownership of a four-star hotel in LUX * Resorts & Hotels.

According to management, Grit is perceived as a low-risk investment fund compared to others in Africa, due to the quality of its tenants, including Barclays, Beachcomber, LUX *, Vodacom, Anadarko, Carrefour and BP. Long-term leases, but also because most of its customers pay in US dollars or euros. In addition to Mauritius, the group has a strong presence in a number of African countries (Kenya, Mozambique, Morocco and Zambia) and expects to expand its services to other promising markets.

"We are proud of our partnership with renowned hotel groups, Beachcomber and LUX * Resorts & Hotels. We hope that this will open up new opportunities for other acquisitions, but also that this will generate funds for these operators. The socio-economic environment of Mauritius makes it an ideal platform for attracting potential investors and we would like to help in the development of the local real estate sector, "said Bronwyn Corbett.

Grits is now ready to make their strong foot step in Mauritius specially on the financial platform, legal framework and expertise in the country.