StockMarketWire.com - Real estate company Grit Real Estate Income said it had entered into a binding agreement to sell its 39.50% stake in Delta International Bahrain, which owned the AnfaPlace Mall, for US$25.5 to Gateway Real Estate Africa.

The company also provided an update on its current performance and guidance, with net asset value per share at 30 June 2020 expected to decline by between 18% to 22% as a result of downward valuations of its property portfolio.

The group's loan-to-value was now expected to be about 50.6% at 30 June.

Grit said it had collected 98.5% of rentals that were due in August and had provided rental concessions of 3.4%.

For the period March to July 2020, the group collected 85.4% of the value of its attributable contracted rental revenue, the company said.

New Mauritius Hotels, which accounts for about 13.2% of contracted rental revenue, resumed rental payments on 1 August 2020, it added.






At 9:22am: (LON:GR1T) Grit Real Estate Income Group Limited Ord Npv Di share price was -4.5p at 54p



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