Mauritius-based Grit Real Estate Income Group has established a fully-fledged Kenyan office to serve its growing portfolio of assets in the East Africa region which include retail, storage and high-end residential property.
The company said that it has increased its headcount by 21 to cater for the Kenya unit, as well as a new representative office in Dubai.
Grit’s move to enhance its presence through the office is indicative of the growing importance of the local market to its overall performance, with Kenya accounting for 11.7 percent ($2.6 million/Sh335 million) of its net property income of $22.12 million (Sh2.85 billion) in the six months ended December 2022.
“During the period Grit has established a fully operational office in Kenya (to service the increased portfolio in the East Africa region as well as a representative office in Dubai). In line with the above and to continue servicing the growth initiatives of the Group, the Group increased headcount from 84 to 105 staff over the comparative period,” said Grit in its financials for the six-month period.
The company’s direct and indirect exposure in the country includes manufacturing facilities, a mall, warehouses and a diplomatic housing estate.
Grit in March 2022 completed the purchase of Orbit Products Africa’s manufacturing facilities from businessman Sachen Chandaria in a deal worth $53.6 million (Sh6.9 billion).
It subsequently sold a 30 percent stake in the Mlolongo-based facility in July to Botswana real estate firm Letlole La Rona Limited (LLR) for an initial consideration of $7.23 million (Sh932 million).
Grit holds a minority stake of 11.25 percent in Letlole, making them related parties.
The Mauritian firm also owns half of Buffalo Mall in Naivasha and a pharmaceutical warehouse along Mombasa Road that it leases out to South Africa’s Imperial Health Sciences Logistics.