As stated on the IFC's website, the proposed investment is a subscription for a $30m subordinated note to be issued to Africa Impact Industrial, currently renamed to Bora Africa, a wholly owned subsidiary to be set up by Grit Real Estate Income Group Limited with a specialist real estate mandate for acquisition and development of warehousing, prime logistics, light industrial, manufacturing, storage facilities, data centres and digital infrastructure.
Grit is seeking IFC’s funding to support the execution of its industrial pipeline assets in Kenya, Mozambique, and Nigeria worth approximately $192m.
From the IFC's website:
Grit is a leading pan-African impact real estate company focused on investing in, developing and actively managing a diversified portfolio of assets (income producing assets of US$832.8 million as at 31 December 2022) in selected SSA countries (excluding South Africa). Grit holds its primary listing on the Main Market of the London Stock Exchange (GR1T) and a secondary listing on the Stock Exchange of Mauritius (DEL.N0000). Grit is well known to IFC having secured a US$25 million IFC A Loan (Project #45002) that financed the Orbit Facility transaction.
Bora Africa [is] a wholly owned subsidiary of Grit.
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