PLAN TO IMPROVE DEBT PROFILE

JSE-LISTED Grit Real Estate Income Group, the pan-African property income company focusing on African real estate assets, excluding South Africa, is planning to improve its debt profile and deliver on rental target. It said yesterday that it was currently in the process of refinancing a number of the debt facilities which would see an overall reduction in financing costs and the delivery of a longer tenure debt profile. The group, whose portfolio comprises a total of 25 investments, also said it remained on track to meet its full year growth targets. “Given the strength of the group’s existing portfolio it expected to continue to deliver annual rental growth as well as possible capital value increases through yield compression,” chief executive Bronwyn Corbett said. Gross rental income increased by 25.9 percent in the six months to December.