US$ 3m commercial property set to be constructed in Nairobi

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Construction of a commercial property in Nairobi, Kenya is set to commence soon. Mauritius-based real estate investor Gateway Delta Development Holdings is planning to acquire a five acre piece of land for the development.

Construction will take place along Mombasa Road and will cost a whopping US$ 3m for the project to be complete. South Africa’s Grit, formerly Mara Delta Property Holdings is the company selling the piece of land to Gateway.

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Grit, which is one of the institutional investors in Gateway, confirmed the reports and said that they will also lease the new development to Imperial. In terms of the negotiations, Grit will provide Imperial with a license to occupy the newly developed property for a period of two years with an option to acquire the development.

Additionally, the new mega property is among other upcoming developments by Gateway which recently raised US$ 175m for investment in Kenya and other African countries.

About Gateway Delta Development Holdings

Gateway Delta is a private real estate development company resident in Mauritius. The Company holds a Mauritian Category 1 Global Business License and has recently been established as a private company with a permanent capital structure to develop and invest in several real estate classes across the African continent (excluding South Africa)

About Grit Real Estate Income Group

Grit Real Estate Income Group is a listed property income group operating in carefully selected African countries. The Company optimizes its structural investments underpinned by solid property fundamentals to achieve superior US$ and EURO(€) based returns.

GRIT’s strong management team has over 45 years’ experience on the continent and is supported by in-country asset and property managers. Key executives are significantly invested in the Company on a no free carry basis, ensuring alignment with shareholders.