LSE Listing Roadshow Presentationgrit.group/wp-content/uploads/2018/05/uk-roadshow...Game, Edcon and...

LSE Listing Roadshow PresentationGRIT REAL ESTATE INCOME GROUP (“GRIT”)

MAY 2018

Ι 2

Background

Group & Portfolio Overview

Pipeline Overview & Use of Funds

Financial & Funding Overview

LSE Main Market Listing

Looking Ahead

Q&A

Agenda

Commodity House Phase 2 – Mozambique (Commercial)

Imperial Phase 1 – Kenya (Light Industrial)

Capital Place – Ghana (Commercial)

Victoria Beachcomber Resort & Spa – Mauritius (Hospitality)

Ι 3

Executive Team

Left to right: Greg Pearson (Co-founder), Moira van der Westhuizen (Chief Integration Officer), Bronwyn Corbett (Chief Executive Officer and Co-founder),

Heidi Rix (Group General Manager), Leon van de Moortele (Chief Finance Officer)

Bronwyn Corbett• Founding member• Over 13 years’ experience in real estate • Previously CFO/CIO at Delta Property Fund, a listed REIT on the JSE• Instrumental in growing Delta Property Fund’s portfolio from

ZAR2 billion to ZAR12 billion in 4 years

Leon van de Moortele• Joined April 2015• 14 years’ experience in operating in Africa • Previously Financial Director at Solenta Aviation Group• Oversaw the group expanding from 12 aircraft to 48 aircraft,

operating in 8 African countries

Greg Pearson• Founding member• 19 years’ experience in real estate • Previously responsible for expanding AECOM’s (an American

multinational engineering corporation) African footprint • Multi-sectoral real estate experience in over 40 African countries

Heidi Rix• Joined May 2016• 19 years’ of commercial and real estate experience• Previously worked at Broll Property Group as Group Director and

Managing Director of their Investor Services Division • Admitted attorney with multiple specialised real estate sector

qualifications who oversaw Asset Management, Property Management and Retail Leasing businesses at Broll

Presenters

*Current Executive Team has been in place since 2016

Ι 4

Background

Ι 4

CADS II Building, Ghana

Ι 5Ι 5

In a Nutshell

From its humble beginnings in 2014, Grit is now the largest and only dual-primary listed1 pan-African focused real estate income group, with a current market cap of c.US$317m2

Strong focus on selected African countries with solid fundamentals and strength of counterparty, underscored by blue-chip multinational tenants, hard currency long-term leases and high occupancy

rates

Target of c.12.00% total return3: H1 2018 approximately US$6.50cps3 (c.8.05% annualized income yield) + 3.75%3 NAV Growth in US$ terms and target 3-5% annual growth3 in dividend

Undertaking a Main Market Standard LSE Listing to raise up to c.US$375m

Use of proceeds4 to reduce debt by c.US$123m and grow portfolio strategically; c.US$87m of targeted new acquisitions5

1. Primary Listing on Stock Exchange of Mauritius (SEM) since 2015 as DEL.N0000, which will be termed as Secondary Listing post LSE Listing & Primary Listing on Johannesburg Stock Exchange (JSE) since 2014 as GTR

2. Full market capitalisation on the SEM as at 17 May 20183. This is a target only and is not guaranteed. This target is based on a number of bases and assumptions which may or may not materialise4. Based on a US$300m fundraise5. In respect of which the company expects to have entered into legally binding agreements prior to the date of publication of the Prospectus

Ι 6

Africa – a land of growth and opportunities

Approved Jurisdiction

Pipeline New Jurisdiction

Current Jurisdictions❖ Since the turn of the century, Sub-Saharan Africa has

averaged economic growth of 5.1% per annum(Source: IMF)

❖ Economic Diversification and Technological Revolution are slowly changing the face of Africa

❖ Rapid urbanization, unprecedented demographic shifts and a growing middle-class remain favourable to the continent’s longer term development and are the key drivers for growth in the real estate sector

❖ The volume of investible African real estate opportunities continues to expand beyond traditional key markets

❖ The compelling returns, diversification benefits, increased level of industry sophistication and deeper local capital markets have drawn increased numbers of international investors with long-term investment horizons to the continent

❖ In countries such as Kenya, Ghana, Morocco and Rwanda, pension funds and regulators are actively working towards implementing REIT structures to attract investment

Ι 7Ι 7

Marginsof

SafetyHard currency

Repatriation of funds

Political risk& macro-

economicsLand tenure

Ability to raise debt

Counterparty Strength

Risk Mitigation

• 94.9% of portfolio rental income in hard currency or pegged currency rental*

• Political Risk Insurance (PRI) Cover

• 43.6% of portfolio in investment grade countries

• 9 assets are freehold

• Comprehensive legal DD

• Multibank Strategy – 8 financiers

• 66.5% of tenants classified as ‘Forbes 2000’ or ‘Other Global’

• WALE of 6.5 years

• 97.3% Occupancy rate

Ι 8

Investment case

Targeted Returns¹

Prime Real Estate Assets

Risk Mitigation

Expert Team with aligned interest

Liquidity

Unique Opportunity

Attractive & sustainable hard currency income stream - 8 distributions (semi-annual dividend payments) in line with company guidance. Compelling targeted returns of c.12.00% p.a. in US$ terms. For H1 2018 targeting US$ 6.5cps (c8.05% annualised) and target 3.75% steady NAV growth

Selective and differentiated approach through focus on counterparty strength, underscored by blue-chip multinational tenants

Strong and broad management expertise, supported by in-country asset and property management teams across all operating jurisdictions and continuous staff development, ensuring competitive edge. Founders & Executive Management currently hold c.7.7% of total issued share capital

Fully fungible shares across three² exchanges, with potential entry in the FTSE Frontier Index Series, MSCI Emerging Frontier Markets ex SA index and SA Listed Property Index (SAPY)

Successful repatriation of funds from countries where Grit operates. Strong risk management policies in place to minimise operational and other risks such as Political Risk Insurance (PRI)

Compelling returns for income-seeking investors and the opportunity to partake in the African growth story

¹ This is a target only and is not guaranteed. This target is based on a number of bases and assumptions which may or may not materialise² Post Listing on the Main Market of the London Stock Exchange

Ι 9

team• Strong & experienced management

• Internal executive management committee• In-country asset & property management• Supportive shareholders & counterparties

strength• Robust portfolio• Average age of buildings – 4.9 years*• Sound track record of ability to raise capital• Successful repatriation of funds

consistency• Hard currency returns underpinned by solid

property fundamentals• High occupancy rates & quality tenants• 8 Consecutive announced & distributed

dividend payments

growth• Expansion & diversification of portfolio• Shareholder value & returns • Optimising investment asset value• Weighted Average Lease Escalations

of 3.4%v

“Grit is passion and perseverance, for long term sustainability and goals. It’s the day in, day out”

* Post major refurbishment or redevelopment and excluding strategic property held for development of land; 4.5 years for the Enlarged Portfolio

Ι 10

Group & PortfolioOverview

Commodity House Phase 1, MozambiqueΙ 10

Ι 11Ι 11

Current Dividend Yield

In excess of

8.0%

1. Weighted Average Lease Expiry

Distribution Track Record

8consecutive distributions in line with market guidance

Property Yield3

8.1%

WACD2

5.7%

Portfolio Occupancy

97.3%4

Property LTV5

46.7%

Multinational Tenants

of tenants in Forbes 2000 list or ‘Other Global’

WALE1

6.5 years

Highlights

5. Excluding revolver facilities

2. Weighted Average Cost of Debt 3. Weighted Average Capitalisation Rate

4. 99.3% excluding strategic vacancies at Anfa

Ι 12

ZIMPETO SQUARECOMMODITY HOUSE

HOLLARD

BOLLORE

ANFA PLACE MALL

VDE HOUSING ESTATE

MUKUBA MALL (50%)

KAFUBU MALL (50%)

COSMOPOLITAN MALL (50%)

BUFFALO MALL (50%)

VODACOM

BARCLAYS HOUSE

MALL DE TETE IMPERIAL:

LUX:

Tamassa

BEACHCOMBER

RETAILLIGHT INDUSTRIAL

HOSPITALITYCORPORATERESIDENTIAL

HELD FOR DEVELOPMENT

LLR (6.25%)

* Properties are owned at 100% unless specified otherwise;

RETAIL (38%) COMMERCIAL (26%) LIGHT INDUSTRIAL (5%)

HOSPITALITY (24%)

CORPORATE ACCOMMODATION (6%)

OTHER INVESTMENTS (<1%)

Mauricia (44%)

Canonnier (44%)

Victoria (44%)

Phase 1

Phase 2 (held for

development)

KenyaMozambique Morocco ZambiaMauritius Botswana

Phase 1

Phase 2

Portfolio Overview – Existing Assets (as at Prospectus date)

Ghana

CAPITAL PLACE (47.5%)

Note: Split by Asset Value

34.6%27.2% 15.8% 15.4% 4.3% 0.6% 2.1%

Ι 13

Tenancy Grading

¹ Portfolio classification by % rental contribution² Refer to Annexure for internal tenancy grading definitions

The strength of counterparty and sectoral/tenancy industry diversification is evidenced by the composition of the Group’s top ten tenancies which is comprised of:

• A global petroleum company;• Global hospitality brands such as

Beachcomber and LUX;• Retail tenants such as Shoprite,

Game, Edcon and Alshaya; and • Mining / logistics /

telecommunications providers such as Vale, Imperial and Vodacom.

32.2%

34.3%

22.8%

6.7%

4.0%

Existing Portfolio1

27.7%

36.1%

19.4%

11.9%

4.9%

Enlarged Portfolio1

Ι 14

Retail CommercialLight

IndustrialHospitality

Corporate Accommodation

Held for Development

Other Investments

Total

Number of Properties/ Investments 7 6 2 4 1 1 1 22

Property Value/Acquisition Price (US$ m)

222.0 154.9 25.0 143.7 35.5 3.4 3.8 588.4

Weighted Average Capitalisation Rate (%) 7.5 8.3 9.4 7.8 12.1 n/a 13.4 8.1

WALE (years by income) 4.0 5.6 6.3 11.5 3.8 n/a n/a 6.5

Weighted Average Annual Rent Escalations (%)

3.8 4.9 1.9 1.2 3.2 n/a 0.0 3.4

Weighted Average Gross US$ Rental per m² per month1 20.8 26.7 10.0 13.7 20.2 n/a n/a 18.8

Gross Lettable Area (GLA) (m2) 120,240 39,601 19,416 111,777 17,071 n/a n/a 308,105

Operating Cost to Income ratio1 (%) 27.5 11.4 8.4 0.0 10.7 n/a 0.0 15.6

Vacancies (%) 6.3 1.7 0.0 0.0 0.0 n/a n/a 2.7

Weighted Average Cost of Property Debt(%)

5.9 7.0 6.1 3.8 7.7 n/a n/a 5.7

Debt to Property Value1 (%) 50.7 46.1 34.2 49.0 32.7 n/a 0.0 46.7

1. Excluding revolver facilities

Portfolio Key Metrics (as at Prospectus date)

Ι 15

Pipeline Overview & Use of Funds

5th Avenue Corporate Offices, GhanaΙ 15

Ι 16

Based on a US$375m fundraise, around US$123m of the LSE Listing proceeds will be used initially to reduce Grit’s group level gearing, and c.US$87m will be deployed immediately to finance anticipated targeted acquisitions, as well as future pipeline. The capital raised will support Grit’s investment strategy of:

Use of LSE Listing proceeds

Attracting and securing blue chip tenants

Geographic diversification

Low vacancies

Long WALE

Annual rental growth

Acquisitions to enhance distribution and growth of the Group

Expanding into new geographies including Senegal and Ghana

Asset class diversification, through securing more triple net leases and having less reliance on the retail sector

Achieving the objective of growing the annual dividend

Ι 17

Retail CommercialLight

IndustrialHospitality

Corporate Accommodation

Held for Development

Other Investments

Total

Number of Properties/ Investments 7 9 2 4 2 1 2 27

Property Value/Acquisition Price (US$ m)

222.0 265.7 25.0 143.7 84.2 3.4 23.8 767.8

Weighted Average Capitalisation Rate (%)

7.5 8.5 9.4 7.8 10.0 0.0 2.1 8.0

WALE (years by income) 4.0 5.6 6.3 11.5 3.8 n/a n/a 6.5

Weighted Average Annual Rent Escalations (%)

3.8 4.7 1.9 1.2 3.1 n/a n/a 3.5

Weighted Average Gross US$ Rental per m² per month

20.8 30.3 10.0 13.7 21.8 n/a n/a 20.6

Gross Lettable Area (GLA) (m2) 120,240 66,040 19,416 111,777 35,471 n/a n/a 352,944

Operating Cost to Income ratio (%) 27.5 11.8 8.4 0.0 9.6 n/a n/a 15.1

Vacancies (%) 6.3 1.0 0.0 0.0 0.0 n/a n/a 2.3

Weighted Average Cost of Property Debt1 (%)

5.9 7.1 6.1 3.8 7.2 n/a n/a 6.0

Debt to Property Value1 (%) 50.7 54.2 34.2 49.0 41.2 n/a n/a 48.2

1. Excluding revolver facilities 2. ‘‘Enlarged Portfolio” denotes Grit’s existing assets as at Prospectus date, together with assets for which the Company is expected to have entered into legally binding

agreements prior to listing on the LSE

Indicative Portfolio Key Metrics – Enlarged Portfolio

Ι 18

34.6%

2.1%4.3%

27.2%

15.8%

0.6%

15.4%

Existing Portfolio

32.9%

16.0%

3.3%

23.4%

12.1%

0.5%

11.8%

Enlarged Portfolio

Diversification of Portfolio by Geography

KenyaMozambique Morocco* ZambiaMauritius* Botswana* Ghana

Note: Split by Asset Value* Investment Grade Country

Ι 19

Diversification of Portfolio by Sector

26.3%

37.7%

4.3%

24.4%

6.0%

0.6% 0.7%

Existing Portfolio

34.6%

28.9%

3.3%

18.7%

11.0%

3.1%0.4%

Enlarged Portfolio

Commercial Retail Light Industrial HospitalityCorporate Accommodation Other Investments Property Held for Development

Note: Split by Asset Value

Ι 20

Property Investment Updates

• Heads of Agreement signed on three

Commercial Buildings in Accra, Ghana

• Heads of Agreement signed on corporate

accommodation asset in Mozambique

• Increased investment into Gateway Delta

Development Holdings expected

• Further pipeline assets identified in

Ghana, Kenya, Mauritius, Morocco,

Senegal and Seychelles

Mukuba Mall, Zambia

Ι 21

New Portfolio

Acacia Estate, MozambiqueΙ 21

* ‘New Portfolio’ denotes assets for which the Company is expected to have entered into binding agreements prior to Listing on the LSE

Ι 22

5th Avenue Corporate Offices

Location: Accra

Sector: Commercial offices

Land Title: Leasehold

GLA: 5 070m²

WALE: 3.0 years

Building Age: 2.5 years

Targeted transfer date: June 2018

Ownership portion: 100%

Purchase Price¹: US$14.35 million

Key Tenants Profile:IT PPP; a branch of an American S&P500 infrastructure group

¹ Additional US$6.15 million issued for provision of rental guarantee and covering legal costs and commission

Ι 23

CADS II Building

Location: Accra



GLA: 7 262m²

WALE²: 5.0 years



Ownership portion: 50%

Purchase Price¹: US$18.0 million

Key Tenant Profile:FTSE 250 Oil exploration company

¹ Capital injection into an SPV, total property value of US$36 million² Lease negotiation for a further 5 year extension

Ι 24

Commercial Office in Ghana

Location: Accra



GLA: 14 610m²

WALE¹: 5.6 years



Ownership portion: 90.0%

Purchase Price²: US$53.8 million

Key Tenants Profile: Banks¹ 5-year rental guarantee from the vendor over vacant spaces under negotiation² Property Value $79.3 million

Ι 25

Acacia Estate

Location: Maputo

Sector: Corporate Accommodation

Land Title: Freehold

GLA: 18 400m²

WALE: 5.0 years



Ownership portion: 80.1%

Purchase Price: US$23.4 million

Key Tenants Profile: US State Department

Ι 26

Gateway Delta Development Holdings

❖ Pan-African (excluding South Africa) private real estate development company set up in 2017

❖ Targets value creation through active management of development projects conducted within Africa, focussing on properties to be let to blue-chip multinational companies and other global entities

❖ Total capital currently committed by Gateway Delta’s shareholders is US$175m

❖ As Grit’s shareholding in Gateway Delta is 20%, Grit’s total current commitment is US$35m, in the form of convertible shareholder loans

❖ To date, Grit has provided shareholder loans to the value of US$1.0m

❖ Grit will be increasing its investment into Gateway Delta by an expected further call for capital of US$20m in the period to June 2019

❖ All such shareholder loans earn interest at a rate of LIBOR plus 6.5% (payable semi-annually)

20%*

* Grit will own 20% in Gateway Delta upon conversion of the existing convertible loan into Gateway Delta equity

Ι 27

Future Pipeline1

1. Company does not expect to have entered into any binding agreement in respect of these assets by the date of publication of prospectus. There can be no guarantee that any of these investments will be acquired by the Group and any future acquisition will be dependent upon how much capital is raised by the Issue and the Placing Programme

Country Sector Additional Information

Retail / Commercial Class A office with ground floor retail complex with anchor tenants including a pan-African bank and a leading international conglomerate

Light industrial Acquisition of the warehouse component of a newly built logistics building on airport grounds, with a GLA of 6 065m2

Commercial Acquisition of the remaining 52.5% of Capital Place Limited

Light industrial Development of a generic warehouse facility on the vacant land adjacent to the existing Imperial Health Sciences (IHS) building in Kenya

Hospitality Expansion of existing award winning resort with an average occupancy rate of 88.0% in 2017

Hospitality Triple net EURO Lease with an international hotel operator. Successful hotel operations for more than 40 years at occupancy levels above 80.0%. A redevelopment phase to follow

Hospitality Development of new resort. Proposed long term triple net Euro lease upon completion with a prominent Mauritian hospitality business

Hospitality Purchase and redevelopment of a 5-star resort and lease with a globally renowned holiday tour operator

Other investments Acquisition of a stake in a real estate company, which intends to convert to the Moroccan equivalent of a REIT, and to list on the Casablanca Stock Exchange

Ι 28

Financial & Funding Overview

Capital Place, GhanaΙ 28

Ι 29

Dividend History

• 8 consecutive successful

declared and paid dividends

• A target of 3-5% annual

dividend growth*

11.29 11.75 12.07

6.07

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

FY15 FY16 FY17 H1 FY18

US$

Cen

ts p

er s

har

e (c

ps)

c.6.50*

+4.1%+2.7%

* This is a target only and is not guaranteed. Thistarget is based on a number of bases andassumptions which may or may not materialise.Past performance is not a guide to futureperformance

+4.1%

Ι 30

Multi-Bank Strategy

Grit adopts a multi-bank strategy, with debt matched to the underlying cash flows of the property assets. Post Targeted acquisitions, the company expects increased contribution from Barclays and Standard Bank, as well as a debut banking relationship with RMB

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Bank of China Standard Bank Investec Bank State BankMauritius

Barclays Afrasia Bank Banco Unico Rockcastle /Standard Bank

Nedbank SouthAfrica

Perc

enta

ge (

%)

Financiers

FY17 Jan 2018

Ι 31

Debt Expiry Profile (as at Prospectus)

The Company expects to repay the September 2018 facility in full, as well as reduce the facilities due in July and November 2018, and the facility due in March 2019 using the LSE Listing proceedsLTV expected at c.40% post capital raise and conditional on quantum of capital raise

38.0

20.7 18.4 12.0

7.4 11.4 10.5

42.99

152.3

-

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

Jul 2018 Sep 2018 Sep 2018 Nov 2018 Feb 2019 Mar 2019 Sep 2019 FY2020 toFY2021

FY2022 onwards

US$

MIL

LIO

NS

Ι 32

Effective Debt Optimization

*Libor is based on the 3 Month USD Libor rate

6.9%

6.2%5.8%

5.6%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

2.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

FY2015 FY2016 FY2017 JAN'18

Perc

enta

ge (

%)

Weighted Average Cost of Debt

WACD Libor Linear (WACD)

Libor*

Post new portfolio and debt repayment, the Company expects WACD to remain constant at 5.6%

Ι 33

LSE Main Market Listing

Ι 33

Ι 34

Grit’s rationale for LSE Main Market Listing

Supporting Grit’s growth aspirations to acquire its current and future pipeline

Boosting the underlying liquidity and tradability of its shares

Broadening and diversifying its shareholder base with established UK and international investors, and tapping into deeper pools of fresh international capital

Enhancing Grit’s position as the leading international growth platform for investment into African real estate4

3

2

1

Accessing new strategic partnerships5

Ι 35

This is Grit’s commitment to social upliftment and to the implementation of environmentally sustainable initiatives within its investment portfolio

Corporate Governance

Grit is committed to adhering to the highest standards of corporate governance globally. The Company sees the UK’s stringent corporate governance regulation as a benefit as it will allow the Company to continue its focus on:

Transparency for shareholders – the Company already adheres to King IV standards

and complies with the National Code of Corporate Governance of Mauritius; UK Corporate Governance Code adherence would facilitate higher standards of regulation and compliance

Majority Independent Non-Executive Board – Independent Non-Executive

Chairman

Alignment of shareholders and managers – through a share incentive program;

Founders and Executive Management currently hold c.8% of total issued share capital

Integrity of financials and robust controls – internal checks and balances

Attracting more investment into the Company

Ι 35

*Standard Listed companies are not required to comply with the UK Corporate Governance Code, although Grit has voluntarily decided to comply

Ι 36Ι 36

ESG

• As a real estate company operating in developing countries, making a meaningful

difference on the environment and socially is a priority.

• Grit is committed to transforming the underlying economies of its operations and

to being a responsible corporate citizen.

• Empowering local communities within all areas of Grit’s operations and

stakeholders, through employment, knowledge transfer and best practice policies.

• Our Diverse workforce strengthens our organization, generating brand awareness

and trust.

• We are committed to greater transparency to our shareholders through our

adherence to King IV Standards, and compliance with the National Code of

Corporate Governance of Mauritius and the UK Corporate Governance Code

(post LSE Listing)

• We strive for greater integrity and robustness of financial and business controls

Grit’s ESG Strategy ensures that we are well positioned to take advantage of investment opportunities and investment capital in the jurisdictions we operate in

Ι 37

Source: National Association of Real Estate Investment Trusts (as at 26 Jan 2018); eturns in USD terms; Grit dividend yield calculated using USD-equivalent JSE prices as at financial year end

*Although Grit distributes income similar to listed Real Estate Investment Trusts (REITs), i.e. the company pays out the bulk of its income to shareholders in the form of dividends, as well as benchmarks itself against REITs globally, it is important to highlight that Grit itself is not a REIT.

* Past performance is not a guide to future performance

Grit’s compelling returns

0

1

2

3

4

5

6

7

8

9

10

Global Americas Asia/Pacific Europe Middle East/ Africa Grit

Perc

enta

ge (

%)

Dividend Yield

2015 2016 2017

Ι 38Ι 38

Targeted Returns Model*

Percentage

Portfolio Yield1 8.20%

Gearing Contribution2 +1.03%

Administration Costs -0.70%

Company Taxes -0.28%

Net Income Yield 8.25%

NAV Capital Gain 3.75%

NAV Total Return 12.00%

1. Average Annualised Property Yield2. LTV Assumption of 40.0%; 5.62% cost of debt as per 31 Jan 2018

* These are targets only and are not guaranteed. These targets are based on a number of bases and assumptions which may or may not materialise.

Potential additional sources of NAV growth:

• Weighted Average Annual Rent Escalations

• Redevelopment of existing assets – Imperial Phase 2, AnfaPlace Mall extension, hotel resort expansion in Mauritius

• Property revaluations and more favourable discount rates on improved macros

• Reduction in cost of funding through a potential bond issuance

• In-country REIT conversion

Ι 39

Liquidity and Index Inclusion

• SEM-10 Index1 Inclusion since October 2017

• Grit is looking at potential inclusion in the following indices:

➢FTSE/JSE SA Listed Property Index2 in South Africa

➢FTSE Frontier Index Series3 in the UK

➢MSCI Emerging Frontier Markets ex South Africa IMI indexes4

Target

1. The SEM-10 Index comprises of the ten largest eligible shares of the Official Market of the SEM, measured in termsof average market capitalization, liquidity and investibility criteria

2. The SA Listed Property Index comprises of the top 20 liquid companies, by full market cap, in the Real EstateInvestment & Services Sector (8630) and Real Estate Investment Trusts Sector (8670), with a primary Listing on theJSE

3. The FTSE Frontier Index Series provides a comprehensive and transparent series of benchmarks for theperformance of large, mid and small cap equity securities from eligible Frontier markets in Europe, Americas, Asia-Pacific, Africa and the Middle East. FTSE Frontier Indices can be segmented by Size, Region, Country and IndustrySectors and are calculated on a price and total return basis.

4. The MSCI Emerging Frontier Markets Africa ex South Africa Index captures large and mid cap representationacross 1 Emerging Market (EM) country and 13 Frontier Markets (FM) countries

0

200 000

400 000

600 000

800 000

1 000 000

1 200 000

1 400 000

1 600 000

1 800 000

2 000 000

Liquidity of Grit Shares1

JSE Volume SEM Volume

* +6m shares traded on the SEM on 8 March 2018; not shown in full on y-axis

1. As at 17 May 2018

Ι 40

LTV Reduction

Reducing LTV to 35 – 40%

Acquisitions

Conversion of yield accretive acquisitions

Target Dividend Growth

3 - 5%¹annually

Target Dividend H1 2018

c.US$6.5 cps¹

Geographical Exposure

Country diversification into new jurisdictions

with promising growth prospects

Tenant Base

New relationships with international brands

Stock Exchange Listings

Shareholders

Introducing new shareholders at NAV

Looking Ahead

1. These are targets only and are not guaranteed. These targets are based on a number of bases and assumptions which may or may not materialize

Ι 41

Grit Real Estate Income GroupReg. No. C128881

3rd Floor, La Croisette Shopping Centre, Grand Baie 30517, MauritiusLevel 5, Alexander House, 35 Cybercity Ebene 72201, Mauritius

T: +230 269 7090E: [email protected]

Thank You

Ι 41

Ι 42

Appendix

Ι 42

Imperial Phase 1, Kenya

Ι 43Ι 43

Ι 44Ι 44

Ι 45

Property Portfolio

Location: Pemba, Mozambique

Anchor tenant:

Bollore Africa Logistics

Sector: Light industrial

Land title: Freehold

GLA: 5 807m2

Vacancy ² 0%

Valuation US$6.5m

Location: Maputo,Mozambique

Anchor tenant:

18 mth Income Guarantee

Sector: Office

Land title: Freehold (50+50)

GLA: 3 217m2

Vacancy ² 0%3

Valuation US$17.3m


Anchor tenant:

Vodacom

Sector: Office


GLA: 10 659m2

Vacancy ² 0%

Valuation US$47.3m


Anchor tenant:

KPMG, Hollard & BP

Sector: Office


GLA: 5 052m2

Vacancy ² 0%

Valuation US$18.9m


Anchor tenant:

Global Oil & Gas Corporate

Sector: Office


GLA: 7 478m2

Vacancy ² 0%

Valuation US$43.2m

Commodity House Phase 1 Hollard Building Vodacom Building

Commodity House Phase 2 Bollore

¹ Value presented proportional to ownership interest held

² Vacancy Rates as at 31 Jan ’18

Location: Tete, Mozambique

Anchor tenants:

Shoprite, Choppies

Sector: Retail

Land title: Freehold

GLA: 11 581m2

Vacancy ² 0%3

Valuation US$25.8m

Mall de Tete

45

3 Income guarantee from Developer

Ι 463 Income guarantee from Developer

Property Portfolio (Cont.)

Location: Pointe Aux Piments, Mauritius

Anchor tenant:

Beachcomber

Sector: Hospitality

Land title: Leasehold

GLA/No of. rooms:

41 696m2

(294 rooms)

Vacancy ² 0%

Valuation¹ US$44.3m

Location: Grand Baie, Mauritius

Anchor tenant:

Beachcomber

Sector: Hospitality


GLA/No of. rooms:

23 266m2

(238 rooms)

Vacancy ² 0%


Location: Bel Ombre, Mauritius

Anchor tenant:

Lux Island Resorts

Sector: Hospitality


GLA/No of. rooms:

21 567m2

(214 rooms)

Vacancy ² 0%

Valuation: US$47.9m


Anchor tenant:

Retail Masters

Sector: Retail


GLA: 4 771m2

Vacancy ² 30%

Valuation: US$9.2m

Location: Tete, Mozambique

Anchor tenants:

Vale and Barloworld

Sector: Corp. Accomm

Land title Freehold

GLA/No of units:

17 071m2

(83 x 3 bed / 40 x 2 bed units)

Vacancy ² 0%4

Valuation: US$35.6m

VDE Housing Estate Zimpeto Square Tamassa Resort

Mauricia Resort & Spa (44.4% ownership) Victoria Resort & Spa (44.4% ownership)

Location: Pointe aux Canonniers,Mauritius

Anchor tenant:

Beachcomber

Sector: Hospitality


GLA/No of. rooms:

25 248m2

(284 rooms)

Vacancy ² 0%


Canonnier Resort & Spa (44.4% ownership)

46

¹ Total Value proportionate to GLA² Vacancy Rates as at 31 Jan ’18

Ι 47

Location: Kitwe, Zambia

Anchor tenant:

Shoprite, Game, Pick n Pay

Sector: Retail


GLA: 28 236m2 (100%)

Vacancy ² 0%

Valuation: US$37.7m ¹

Location: Ndola, Zambia

Anchor tenant:

Shoprite

Sector: Retail


GLA: 11 923m2 (100%)

Vacancy ² 1%


Location: Nairobi, Kenya

Anchor tenant:

Imperial Health Sciences

Sector: Light Industrial


GLA: 13 560m2

Vacancy ² 0%

Valuation: US$18.5m

Location: Naivasha, Kenya

Anchor tenant:

Tuskys

Sector: Retail


GLA: 6 121m2 (100%)

Vacancy ² 4%


Location: Ebene, Mauritius

Anchor tenant:

Barclays Bank

Sector: Office


GLA: 8 269m2

Vacancy ² 8%

Valuation: US$16.1m

Property Portfolio (Cont.) Barclays House Buffalo Mall (50% ownership*) Imperial Phase 1

Kafubu Mall (50% ownership*) Mukuba Mall (50% ownership*)

Location: Lusaka, Zambia

Anchor tenant:

Shoprite, Game

Sector: Retail


GLA: 25 675m2 (100%)

Vacancy ² 0%


Cosmopolitan Mall (50% ownership*)

47

¹ Value presented proportional to ownership interest held² Vacancy Rates as at 31 Jan ’18

Ι 48

Location: Casablanca,Morocco

Anchor tenants:

Carrefour, M&S, H&M, LC Waikiki

Sector: Retail

Land title:Freehold

GLA: 31 933m2

Vacancy ² 18%

Valuation: US$92.8m

Property Portfolio (Cont.) Anfa Place Mall

48

¹ Value presented proportional to ownership interest held² Vacancy Rates as at 31 Jan ’18

Location: Accra, Ghana

Anchor tenants:

Hollard

Sector: Offices

Land title:Leasehold

GLA: 4 944m2

Vacancy 0%

Valuation¹ US$12.1m ¹

Capital Place (47,5% ownership*)

Ι 49

Tenancy Grading Definitions

Forbes 2000

Business part of world’s biggest

public companies as listed by Forbes

Other Global Tenancies

Business operates across more than one country and

continent

Pan-African Tenancies

Business operates across more than

one African country but only within the African continent

National Tenancies

Business operates across all regions of

a country

Local Tenancies

Business operates within a specified

city or region within a country

Ι 50Ι 50

Investment Criteria

SECTOR OFFICE RETAIL OTHER

TENANT Blue-chip or multinationalMin. 70% A-Grade tenants /

nationals / anchorsBlue-chip or multinational

VACANCY (GLA) Max. 5% Max 10% Max. 5%

LEASE TERM (MAIN TENANT)

Min 5 Years

Anchors – Min. 10 years (at inception) with min. 5 years

unexpired9 years in Morocco

Min 5 Years

LEASE CURRENCY USD only¹ Min. 70% USD ¹ ² USD/EUR only¹

MIN. RETURN ON CAPITAL DEPLOYED

7% 8% 8%

¹ or where the ability to hedge local currency can be done at minimal cost² the Group will minimise exposure to local trading currencies and mitigate risk by only investing in centres with high trading densities and where USD income is prevalent e.g. expat communities

Grit relies on its extensive network of partners across and beyond Africa, as well as the trusted relationships with its existing tenants, tosource investment opportunities on an unsolicited basis, while being committed to reach its soft target of not having more than 25%exposure to one particular jurisdiction or sector.

Ι 51

Shareholder Base8%

33%

14%

42%

3%

Shareholders By Type

Founders & ExecutiveManagement

Investment Holding Companies

Mutual Funds

Pension Funds

Retails

• New institutional shareholders from the UK and Ghana

• New investments by African Pension Funds

• Increased participation by retail investors and improvements in liquidity

• Anchor shareholders:

▪ 32% Public Investment Corporation / Government Employees

▪ 11% Delta Property Fund Ltd

▪ 11% Drive In Trading Proprietary Ltd

▪ 8% Founders & Executive Management

▪ 5% Eskom Pension & Provident Fund

▪ 3% National Pensions Fund/ National Savings Fund

Register %

South Africa 66

Mauritius 34

TOTAL 100

As at 30 April 2018

Ι 52

1st in Africa

• World Bank Doing Business Survey 2017

• 2018 Index of Economic Freedom (Heritage Foundation)

• Economic Freedom of World 2017 (Fraser Institute)

• World Economic Forum Global Competitiveness Report 2017 – 2018

• Mo Ibrahim Index of African Governance 2017

• Social Progress Report 2017

• Global Information Technology Report 2016

Why Mauritius?

Ability to list in USD on the Mauritius Stock Exchange

Pool of liquidity and support from institutional investors in Mauritius

Mauritius as a financial hub in the region and gateway to Africa

Business-friendly policies and investment-friendly regime

Established rule of law and Political Stability

Full range of banking services from international providers

Competent workforce (18 local staff out of 27 based in Mauritius)

Mauritius benefits from an array of Double Taxation Agreements (DTAs) and generally favourable tax regime

Grit currently has stakes in 4 hotels and one commercial building in Mauritius

Ι 53

KEY DEVELOPMENTS KEY STRENGTHS KEY RISKS

KEN

YA (B

+/B

2/B

+ *)

•Kenya’s top court upheld Kenyatta’s presidential win last October, which should reduce uncertainty and prompt return of investment flows•Request to IMF to extend US$1.5bn standby credit facility for a further 6 months•Kenya recently raised US$2bn Eurobond 7x oversubscribed•Inflation drops to 4.5% y/y in Feb compared to 10.3% same time last year

▪ Robust economic growth prospects which encourages investment

▪ Sizable and well diversified economy▪ Rapidly growing communication technology and telecom

sectors and relatively well-skilled workforce that support an internationally competitive services sector

▪ Ambitious public infrastructure projects will boost economic prospects and position Kenya as a regional economic hub for the East African Community

▪ High gross international reserves to support the Kenyan Shilling▪ Corporate governance and financial regulatory frameworks

more developed than regional peers

▪ Downturn in China, which is a major financier of Kenyan infrastructure projects

▪ Slowdown in EU/ UK, which are main export markets for Kenya▪ Failure to address large fiscal deficits and growing fears of

unsustainable debt servicing bill▪ Entrenched perceptions of corruption that undermine business

environment▪ High sensitivity to weather conditions that pose risk to growth,

inflation, the currency and balance of payments position▪ Private-sector credit growth constrained by interest rate cap▪ Heightened security concerns pose threat to tourism revenues and

mining & telco operations in north eastern Mandera county

MO

ZAM

BIQ

UE

(SD

/Caa

3/R

D *

)

•Funding program with IMF on hold until gaps identified by the international forensic audit are filled •Inflation dropped to 2.9% y/y in Feb 2018, compared to 21.6% a year ago•Aggressive monetary tightening by Central Bank

(-600bps during last 12 months)•Agricultural production bouncing back post El-Nino induced drought•Strengthening of Metical/USD•Debt restructuring proposal to creditors in March

▪ Low level of overall political risk▪ Strong economic growth performance over the past 10 years;

gas exploitation expected to triple GDP in next 10 years▪ Abundance of natural resources, with vast potential in natural

gas sector but also abundance of coal (Anadarko recently received regulatory approval to develop gas field costing around US$15bn to produce LNG from 2022/2023

▪ Increasing levels of foreign direct investment (FDI) inflows and an economy expanding from a low base

▪ Fiscal revenues set to increase sharply due to updated tax laws and potential revenues from natural gas sector

▪ Despite infrastructure gaps, Mozambique's transport routes and linkages can play a role in facilitating regional integration

▪ Mozambique has significant electricity generation capacity, helping it avoid regional power shortages

▪ Solid political foothold of current president, with a better chance to ensure lasting peace

▪ Adverse weather poses a risk to the agriculturally-based economy▪ Low level of FX reserves, exchange rate and repatriation risk▪ Government’s limited ability to repay imminent debt obligations

and the enormous external debt burden▪ The withdrawal of financial aid from several international donor

agencies following news of undisclosed debt▪ New terms on existing or future debt obligations likely to be

onerous and stringent ▪ Financial markets are relatively underdeveloped▪ Infrastructure deficit to hamper the exploitation of Mozambique’s

natural riches and increase cost of doing business▪ Low level of education and high rate of HIV/AIDS that reduce the

effectiveness of the workforce▪ Fragile state and perception around corruption

Source: IMF, IHS Connect, BMI research, Reuters

* Country rating in order of S&P / Moody’s / Fitch

Ι 54


MO

RO

CC

O (

BB

B-/

Ba1

/BB

B-*

)•Subdued non-agricultural growth•Persistently high unemployment levels, especially among the youth•The dirham now allowed to trade within a band of +/- 2.5% around its peg, with the band expected to widen to 5%; IMF sees a transition which can be orderly and gradual•Despite recent pick up, inflation remains subdued at 1.8% y/y in Feb 2018

▪ Sound fundamentals and overall strong track record of policy implementation

▪ The country has enjoyed relative stability compared to the likes of Tunisia, Egypt and Syria following the Arab Spring uprisings

▪ New coalition government to promote policy continuity▪ There are no exchange control restrictions on repatriation of

capital, profits, and dividends▪ Low base and growth potential in tourism, renewable energy and

export-oriented manufacturing industries attracting investments▪ Rules and regulations harmonised with the European Union

promote the ease of doing business▪ Central Bank has been relatively effective at tackling inflation▪ Historic and linguistic ties with Southern Europe, GCC and

Western Africa make the economy an attractive trading partner

▪ Social tensions since October 2016, mostly localised in the northern region of the Rif

▪ Decline in reserves due to forex interventions to counter devaluation anticipations by market participants in the run-up to expected increase in exchange rate flexibility

▪ Free competition is challenged by state dominance of certain sectors, and by entrenched interests

▪ Corruption is an obstacle to business▪ Vulnerability to weather conditions which impact on the

agricultural sector▪ Export sector vulnerable to economic downturn in eurozone▪ Banking sector remains relatively underdeveloped▪ Reduced food and energy subsidies could lead to inflationary

pressures▪ Increase in energy prices given that Morocco is a net oil importer

MA

UR

ITIU

S (-

/Baa

1/-

*)

•Monetary policy remains accommodative; Key Repo Rate cut by 50 bps to 3.5% in September; •Forecasts 3.8% growth in 2018•Political stability undermined by persistent revelations of corruption, illegal activity or misconduct from leading political figures which could prompt early elections in 2019•Africa’s only female head of state resigned in March following an expenses scandal

▪ Mauritius has had historically a stable political environment▪ Judicial system is regarded as independent▪ Diversified economy; manufacturing and tourism expected to

benefit from growth in Asia▪ Good record of attracting investment and business friendly

environment▪ Prudent external debt-management and strong payments record.▪ Ample liquidity available in the domestic capital market▪ Double Taxation Avoidance Agreements (DTAAs) and Investment

Promotion and Protection Agreements (IPPAs) with many African countries

▪ Mauritius is moving towards being a transshipment and financial hub for Sino-African trade, which represents opportunities for Mauritius’ long term growth trajectory

▪ The capital and financial account has proven resilient in the face of the revised DTAA with India, mainly owing to the grandfathering clause but changes to the treaty may reduce Foreign investment in India via the Mauritius channel as competition with jurisdictions such as Singapore increases

▪ Global Business Sector is under pressure from international anti-tax avoidance initiatives by the OECD and EU

▪ The country is also exposed to external shocks through the economy's openness, high dependence on food and fuel import costs, and excessive reliance on volatile export revenues from tourism, sugar and textiles

▪ Youth unemployment and skills mismatch▪ Increase in external debt and public contingent liabilities



Ι 55


ZAM

BIA

(B/B

3/B

*)

•Inflation slows down to 6.1% y/y in Feb 2018•Zambia's public debt is growing unsustainably, increasing its vulnerability to market swings and reversals in capital flows (IMF)•IMF rejected the country’s latest borrowing plans•China Railway Seventh Group signed a $393 million agriculture infrastructure development deal with Zambia, that includes roads, bridges, dams, canals and power distribution lines

▪ Relatively stable security environment▪ Positive sentiments in the financial markets as evidenced by

increased foreign investor participation in the government securities market

▪ Government policy includes investment in infrastructural development, which will foster regional integration and improve cross-border trades

▪ The government has shown willingness to compromise over issues such as mining royalties

▪ Large metals reserves, with copper as the main commodity, but also deposits of iron ore, coal, uranium and manganese; prices of cobalt and copper have picked up lately and represent a great opportunity for the economy of Zambia

▪ Uncertainty caused by policy reviews and reversal of previous business agreements, especially in the mining sector

▪ Operational challenges including power-rationing given dependence of hydropower production

▪ Near-term growth prospects of the Zambian economy remain precarious due heavy dependence of the mining sector and slow copper prices recovery

▪ Weather related risk to hydropower generation and agricultural output

▪ Arrear payments, particularly around road infrastructure projects, contributed to fiscal deficits, along with factors such as fuel subsidies and emergency electricity imports

▪ Delayed fiscal adjustment continues to crowd out private sector credit and entrench unsustainable debt situation

GH

AN

A (B

-/B

3/B

*)

•Continuing current account deficit, although narrowed•Extended Credit Facility by IMF extended to April 2019•Compliant status with the Extractive Industries Transparency Initiative, boosting confidence in transparency of payments by companies in the nascent oil industry and more established mining sectors•Ghana targets US$2.5bn in sale of Eurobonds

▪ Recovering oil price & new production of the TEN Field is boosting GDP, which is forecast to grow by 8.9% in 2018 and 5.9% in 2019

▪ The peaceful transfer between parties in the 2016 elections have further solidified Ghana’s democracy

▪ New Tema seaport and new airport terminal will fortify Accra’s position as a regional economic and logistics hub

▪ Fiscal consolidation programme has narrowed deficit; new government promises better account management

▪ New REIT legislation will be major boost to local and international investment in the property sector

▪ Import dependency exerts chronic pressure on the cedi; inflation is a perennial certainty although the latter has come down to 10.6% y/y in March.

▪ Government may resort to excessive borrowing through bond programmes to fix short-term budget shortfalls

▪ Total tax burden on businesses likely to remain high as the government address the fiscal deficit

▪ Over-reliance on raw resource exports▪ Shortfalls in electricity production as domestic demand increases



Ι 56


SEN

EGA

L (B

+/B

a3/-

*)•Senegal received more than US$10bn of orders for a US$2.2bn eurobond•Senegal to inaugurate a new international airport before the end of the year to ease congestion in the capital, Dakar•Senegal closed finance arrangements for a $1 billion urban rail project for its capital after finalizing an agreement with the African Development Bank•Senegal is currently undergoing a transmission and distribution grid expansion, reinforcement and reliability enhancement programme to address electricity shortfalls

▪ The Emerging Senegal Plan provides numerous opportunities for investment in infrastructure, agriculture, tourism, and mining.

▪ Senegal has speeded up business registration through a 'one-stop shop’ Investment Promotion Agency.

▪ Senegal has made major oil and gas discoveries which will improve its fiscal position and reduce a heavy dependence on imported fuel.

▪ Fiscal consolidation is on track to meet the WAEMU target (fiscal deficit of 3% of GDP)

▪ Remittances remain a dependable and steady source of current account inflows

▪ Entrenched rent seeking and patronage that may hinder opening up economic space; failure to overcome lobbies could result in loss in growth momentum

▪ Increases in the cost of public borrowing due to increased non-concessional borrowing

▪ Security risks in the region could also adversely affect investment and, hence, growth and exports

▪ FDI levels remain low relative to peers, underscoring the need for reforms to improve the business environment and attract investors

▪ High electricity costs

BO

TSW

AN

A (A

-,A

2,-

*)

•Botswana to name developer of $4 billion coal-to-liquid plant by December, a facility could meet as much as 80% of the country’s fuel demand•Botswana's central bank left its benchmark lending rate unchanged at 5 percent in February, saying the outlook for price stability was positive; inflation remains moderate at 3.2% y/y in Feb •Botswana recently turned into a power exporter for the first time in 10 years

▪ An established track record of prudent economic management.

▪ A very low level of external debt, with potentially significant international interest for any future approach to the markets.

▪ Financial sector is open and relatively well developed▪ Tailwinds will emanate from strengthening diamond

demand and large public investments in the utilities sector

▪ Conservative debt-to-GDP; the country's liquidity reserves are more than ample to cover any shortfall

▪ Corruption is not regarded as a significant challenge▪ Botswana has a well-developed legal environment.

▪ The government has reacted positively to the HIV/AIDS pandemic, but weak institutional delivery is a major constraint

▪ Landlocked and mostly arid, Botswana's options for economic diversification are limited.

▪ The economy is dependent on dynamics in global luxury spending and has proved vulnerable to downturns in world market conditions

▪ Structural constraints in electricity provision and water supply.▪ Labour unions have stepped up demands for improved pay and

working conditions and become increasingly critical of the ruling BDP



Ι 57


RW

AN

DA

(B/B

2/B

+ *)

•Inflation turned negative to -1.3% y/y in February 2018 compared to 13% last year, allowing the monetary policy to remain accommodative•Rwanda’s central bank expects the economy to grow y 6.5% in 2018•Rwanda, which has risen from a genocide in 1994, seeks to transform from a low-income, agriculture-based economy to a knowledge-based, service-oriented economy.

▪ The country offers broadly business-friendly operational environment

▪ The has a relatively stable political and security environment▪ Membership of East African Community offers wider regional

market▪ Rwanda has a rapidly growing economy and increasingly

wealthy population▪ Rwanda's export base has continued to progressively diversify

as the share of traditional exports in total exports declined from 62.1% in 2013 to 30.1% last year; major drivers of the growth in exports include receipts from coffee and tea exports as well as mineral exports

▪ Demographic pressure caused by rapidly growing population and lack of arable land

▪ Poor (although improving) infrastructure, including being landlocked

▪ Limited natural resources▪ International human rights groups have accused local authorities

of arresting, forcibly disappearing, and threatening political opponents

SEYC

HEL

LES

(-/-

BB

-*)

• Inflation has been trending up, reaching 4.9% y/y in February, from 1.9% a year earlier

▪ Seychelles consistently runs fiscal account surpluses.▪ The population is well-educated, which makes the country an

ideal destination for outsourcing services.▪ Buoyant tourist arrivals▪ Tight monetary policy, supported by favorable Balance of

Payments developments, has helped to contain inflation and moderate credit growth

▪ The authorities are committed to the program’s goal of a steady reduction of public debt while addressing the country’s social prior

▪ Small economy but one of the highest standards of living in Africa, with an annual per-capita income of more than USD15,000.

▪ Seychelles runs a large structural current account deficit.▪ The open economy will remain exposed to external factors such as

European economic fortunes and commodity prices. ▪ The economy relies heavily on the tourism sector▪ Global banks’ withdrawal of correspondent relationships▪ Seychelles has accumulated significant debt as a consequence of

the need to sterilize the counterpart to the rapid build-up of external reserves since the crisis

▪ Large, ongoing social-welfare contributions—which continue to grow well in excess of inflation—will place medium-term debt sustainability in the balance.

▪ Risk of significant tax increases remains high.▪ The lack of resources and land as well as physical remoteness will

continue to constrain Seychelles’s growth prospects▪ Weakness of Euro (tourism receipts) vs USD (imports)



Ι 58

Bronwyn CorbettChief Executive Officer

& Co-founder

B.Comm (Acc) (Univ. of Natal, PMB), CA(SA)

Bronwyn is a founding member and CEO of Grit Real Estate Income Group, the largest pan-African focused real estate group listed on the JSE and SEM (stock exchanges in South Africa and Mauritius respectively). Bronwyn has over 13 years’ experience in the real estate investment sector. She worked in a real estate investment firm for 4 years as Financial Director before joining Motseng Investment Holdings in April 2009 as CFO. Together with the CEO, she was instrumental in growing the company’s direct real estate exposure to ZAR2 billion within 3 years, before listing the portfolio on the JSE as Delta Property Fund – where she held the positions of CFO and CIO. Bronwyn was part of the executive team that grew Delta Property Fund to a portfolio valued at ZAR12 billion in 4 years and converted the structure to a REIT. In 2014, she co-founded Delta International Property where she was appointed CEO. Under Bronwyn’s leadership, Grit has consistently achieved Dollar-based distribution exceeding 7%. She has driven the growth of the portfolio from US$140 million and two assets, to approximately c.US$600 million and 21 assets across seven jurisdictions.

Leon van de MoorteleChief Finance Officer

BCompt (Hons), CA(SA)

Leon joined Grit in April 2015, as CFO, where he has utilised his tax structuring knowledge and experience in operating in Africa to expand the asset base of the group. After completing articles with PwC, Leon moved to the Global Risk Management Services within PwC, where he become the Senior Manager in charge of Data Management. In 2004, he moved to Solenta Aviation where he became Group Finance Director within 18 months. During his tenure as Group Finance Director, the group expanded from 12 aircraft to 48 aircraft, operating in 8 African countries (South Africa, Mozambique, Algeria, Ghana, Gabon, Kenya, Tanzania and Cote d’Ivoire).

Greg PearsonCo-founder

MCMI, Elec Eng.

Greg Pearson is a founder member of Grit and has been instrumental in sustaining its rapid growth since inception in 2014. Prior to Grit, Greg was responsible for expanding AECOM’s African footprint. His hands-on experience has allowed him to develop an expansive strategic business network with local and global developers as well as influential industry players on the continent and beyond. He has successfully completed a series of developments across the office, retail, leisure, education and healthcare sectors. Greg is registered with the Chartered Management Institute and is a graduate of Kingston University, London.

Executive Team

Ι 59

Heidi RixGroup General Manager

B.Comm LLB

Heidi joined Grit as Chief Operating Officer in May 2016. She has 19 years’ commercial and real estate experience and is an admitted attorney holding BComm and LLB degrees in addition to specialised real estate sector qualifications. Heidi has recently taken on an expanded role as Group General Manager. Before joining Grit, Heidi worked at Broll Property Group where she was a Group Director and Managing Director of their Investor Services Division. In this capacity, Heidi was responsible for the Asset Management, Property Management and Retail Leasing businesses at Broll. Her expertise include asset management, investment management, portfolio management, portfolio and management structures and performance management, lease management models, value optimisation of property assets, property acquisitions and disposals, real estate development projects (Greenfield opportunities), redevelopment/refurbishment projects (Brownfield opportunities) and portfolio analysis and due diligence. Prior to joining Broll, Heidi successfully managed her own property investment consulting business for over two years and held previous positions in the industry as a director for Atterbury Asset Managers as well as General Manager for RMB Properties (Pty) Ltd (now known as Eris Property Group).

Moira van der WesthuizenChief Integration Officer

B.Comm (Hons), CA(SA)

Moira joined Grit in May 2016 as the Chief Integration Officer. She holds a B Com (Honours) degree from the University of South Africa and is a qualified Chartered Accountant with more than two decades’ experience in auditing, finance and business, including managing her own practice before partnering with an audit and accounting practice in 2005. In 2008 Moira relocated to Mauritius where she worked for Investec Bank and later the CCI Group as Group Financial Controller before joining Grit. As CIO, Moira oversees the co-ordination of all interacting systems within the Group and its extended environments, ensuring the business is internally and externally coherent and congruent. This is achieved through the effective integration of all business systems and processes with other stakeholders, including corporate partners and statutory bodies. Moira is responsible for making recommendations to the social and ethics committee, a sub-committee of the board, on all matters related to Grit’s corporate social investment (CSI) programme.

Executive Team

Ι 60

Jaco van ZylDeputy Chief Financial

Officer

BCompt (Hons), CA(SA)

Jaco holds a BCom Degree from the North-West University, a BCompt Honours Degree from the University of South Africa and is a qualified Chartered Accountant. After completing articles he moved to Federal Airlines as Financial Manager and ultimately assumed responsibility of the full finance function of the South African and Mozambican operations. In January 2012 he joined JSE-listed group, Sentula Mining’s exploration drilling division Geosearch as the Financial Manager and developed into the CFO for of the Geosearch group. Here his experience on the African continent expanded further into Mauritius, Botswana and Mozambique.

Since joining Grit in February 2016, Jaco has assumed responsibility for the group’s reporting and treasury function, effectively flowing funds within the Grit structure and maintaining debt facilities.

Debby KippenGroup Asset Manager

B.Soc.Sc

Debby joined Grit in February 2017 as the Senior Asset Manager, responsible for oversight on Zambia, Mozambique, Mauritius and Kenya. In February 2018 she was promoted to Group Asset Manager with responsibility of oversight of management of all assets held in the group.

She has over 30 years’ experience in the commercial property industry during which time she has worked on new developments, the refurbishment of shopping centres, leasing, property and facilities management and system implementation.

Since graduating from UCT she has worked at Fedsure, Investec, Broll and Eris Property Group, where she was Regional Manager for KZN and Eastern Cape. During this time her portfolio has included management of an extensive rural retail property portfolio as well as commercial and industrial portfolios. She has held positions on various Management Association Boards including being the founding Chairperson of the Umhlanga Rocks Village Improvement District boards. Prior to joining Grit, Debby was General Manager for Broll Property and Facilities Management Mauritius.

Senior Management

Ι 61Ι 61

Peter ToddBoard Chairman

Listed Directorships: 3

Appointed to the board on

14 August 2014

Peter is a qualified attorney and began his career as the senior tax manager at Arthur Anderson and Associates in Johannesburg. He joined TWS Rubin Ferguson in 1993 as a tax partner and was instrumental in listing several companies on the JSE. The practice was focused on the property and finance industry.

In 2000, Peter established Osiris International Trustees Limited in the British Virgin Islands ("BVI") to provide international trust and corporate administrative services to global clients, as well as Drake Fund Advisors which assists with the set-up and administration of hedge funds in the BVI and Cayman Islands.

He held a non-executive director position at Redefine International Limited from the initial listing for 9 years and served for several years as audit committee chairman. Peter has been involved with Grit since inception on the SEM and has otherwise been involved in the property industry for many years, in South Africa and also in the UK and in other parts of Africa. Peter has also extensive corporate finance experience with regards to listing of companies on various exchanges including the JSE, LSE and SEM.

Paul HubermanSenior Independent Director



29 March 2018

Paul is a Chartered Accountant and Chartered Tax Adviser. He currently advises companies in the real estate and finance sectors and has over 30 years’ experience. Paul is a non-executive director at Town Centre Securities plc (TCS), a premium listed company on the London Stock Exchange. TCS is a property investment and development company with property and car parking assets in excess of £385 million. Paul is also a non-executive director at Galliard Homes Ltd, a major UK home builder with a development pipeline of approximately £3.5 billion. Paul is currently a non-executive director of Life At Ltd, which trades as Life Residential, a privately owned residential estate agency, specialising in new luxury developments and having 12 offices across London. Paul is also a non-executive director at a privately-owned family run property group and a member of the Norwood charity property committee.

Until its recent MBO in August 2017, Paul was a non-executive director at JCRA Group Ltd, the holding company of J C Rathbone Associates Ltd, the independent advisers on interest rate risk management, debt finance and foreign exchange exposure. Previously Paul worked with the Administrators of the Targetfollow Group in disposing of its property portfolio and the Administrators of the Brooklands Hotel in operating and selling the hotel. Paul has also separately advised the shareholders of Prestige Finance Ltd, a second mortgage provider, and the shareholders of West One Loan Ltd, a bridging loan provider, on operating and selling their respective companies.

Paul was previously finance director at three primary listed companies on the London Stock Exchange: Asda Property Holdings plc, a property company specialising in commercial and residential investment and development; Regent Inns plc, a managed pub company; and Grantchester Holdings plc, a property company specialising in UK retail warehouses.

Non-Executive Members of the Board

Ι 62Ι 62

Matshepo MoreNon-Executive Director



7 February 2017

Matshepo is a Chartered Accountant and holds a Certificate in Theory of Accounting and a Bachelor of Business Science in Finance. Matshepo served her articles at Deloitte, specialising in financial institutions, before being seconded to New York to handle a large asset management company. She was promoted to audit manager on her return to SA. Matshepo left Deloitte to join the Public Investment Corporation in South Africa ("PIC") in 2009, where she was appointed as Finance Manager. In 2011, she was appointed CFO of the PIC, where she is responsible for the Corporation’s finances, ensuring that the PIC complies with the Public Finance Management Act (PFMA), which regulates financial management of all public entities in the national government and provincial governments.

Matshepo is a member of the Financial Reporting Standards Council, a statutory body responsible for issuing financial reporting standards in South Africa and she also serves on the Board of IRBA.

Ian MacleodIndependent Non-Executive Director



1 July 2015

Ian holds a BCom (Honours) in Real Estate Investment, Valuation and Development and has over 43 years of experience with financial institutions, including Standard Bank of South Africa and Nedbank with a specific focus on Real Estate Credit Risk. He has extensive knowledge of the real estate sector’s key role players, business sector and geographic nodes.

Ian has managed portfolios in excess of R80 billion during changing economic cycles and has managed problematic properties in economic downturns. It is Ian’s expertise and knowledge that have seen him previously hold the position of Head of Credit for Real Estate.


Ι 63Ι 63

Nomzamo RadebeNon-Executive Director


Appointed to the board on 24 November 2017

Nomzamo is the Chief Executive Officer of JHI Properties, one of South Africa’s leading property services companies. Her personal affiliations include registration with the South African Institute of Chartered Accountants (SAICA), and membership of the Institute of Directors of Southern Africa, the South African Property Owners Association (SAPOA) and South African Council of Shopping Centres and Women's Property Network (WPN). She is a former chief investment officer of Pareto Limited, a well-established property company and a leader in the retail property industry in South Africa. Prior to joining Pareto, Nomzamo worked in the National Treasury’s Asset and Liability Unit (within the Asset Management division) where her key responsibilities included the monitoring of the financial performance of state-owned enterprises, the facilitation of Government’s restructuring initiatives for SOEs and the promulgation of the Auditing Profession Act. Between 2001 and 2004 she worked in the Sasol Group treasury unit as a Treasury Operations Manager, playing an important role in managing the company’s treasury risks and developing treasury management systems. She completed her articles with KPMG Inc.

Catherine McIlraithIndependent Non-Executive Director


Appointed to the board on 24 November 2017

Catherine is a Mauritian citizen and holds a Bachelor of Accountancy degree from the University of the Witwatersrand, Johannesburg and has been a member of the South African Institute of Chartered Accountants since 1992. She served her articles at Ernst & Young in Johannesburg. She then joined the investment banking industry and has held senior positions in corporate and specialised finance for Ridge Corporate Finance, BoE NatWest and BoE Merchant Bank in Johannesburg. She returned to Mauritius in 2004 to join Investec Bank where she was Head of Banking until 2010. Catherine is a Fellow Member of the Mauritius Institute of Directors ("MIoD"). She has also been a member of the Financial Reporting Council. She has served as an independent non-executive director and as a member of various committees of a number of public and private companies in Mauritius including AfrAsia Bank Limited from 2011 to 2017. Catherine also served as a Director of MIoD for five years and as its Chairperson for 2 years from 2014 to 2016.


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