Grit Real Estate Income Group, a Mauritius-based developer, announced it will dispose of all its Kenyan properties, a portfolio valued at KSh20.5 billion, including the Buffalo Mall in Naivasha and the Rosslyn Grove estate that houses US Embassy staff.
The board said it has accepted a conditional binding offer to sell its interests in GREA and Africa Property Development Managers Limited (APDM) together with related assets and liabilities.
Grit holds a 54.2 per cent stake in GREA, while South Africa’s Public Investment Corporation owns the remainder.
Completion of the GREA and APDM disposals will require lender approvals, release of existing security and regulatory and third-party consents, the company said.
Kenyan lenders, including Absa Bank Kenya, NCBA Group and South Africa’s Standard Bank Group, have pledged to continue providing working capital to Grit subject to conditions.
By the end of June 2025 Kenyan banks had nearly doubled their exposure to Grit to KSh12.3 billion from KSh6.3 billion a year earlier.
Absa Bank Kenya financed the Rosslyn Grove development with a KSh4.5 billion loan.
Grit’s Kenyan income-producing assets represent about 16 per cent of its total portfolio of KSh128.4 billion, according to a valuation dated June 2025.
The group previously disclosed total debt of nearly KSh65 billion, most of which is denominated in US dollars and has been affected by sharply higher benchmark rates since early 2022.
Grit’s shares were suspended from trading on the London and Mauritius stock exchanges in May, and the board said it will consult regulators and shareholders on the future of its public-listed status.
The company noted that precise terms and timing of the transactions remain under discussion.
