{"id":29992,"date":"2023-05-26T10:00:53","date_gmt":"2023-05-26T10:00:53","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-grit-increases-naivasha-mall-buyout-price-to-sh308-million"},"modified":"2023-05-26T10:44:02","modified_gmt":"2023-05-26T10:44:02","slug":"mauritius-grit-increases-naivasha-mall-buyout-price-to-sh308-million","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-grit-increases-naivasha-mall-buyout-price-to-sh308-million","title":{"rendered":"Mauritius\u2019 Grit increases Naivasha mall buyout price to Sh308 million"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Mauritius-based Grit Real Estate Income Group has revised the price at which it will buy the remaining 50 percent stake in Naivasha\u2019s Buffalo Mall to $2.2 million (Sh308.5 million).<\/p>\n

The company had earlier disclosed it would spend $2 million (Sh275 million) to take full ownership of the property. <\/a><\/p>\n

The multinational says in a new trading update that the buyout will cost more. \u201cGrit intends acquiring, subject to necessary approvals being obtained, an additional 50 percent interest in Buffalo Mall Naivasha Limited .
\n. that will result in Grit\u2019s interest increasing to 100 percent for a value of $2,244,222 (Sh308.5 million),\u201d Grit said.<\/p>\n

Once Grit takes full control and ownership of the retail complex, it will be free to deploy the full extent of its asset management and leasing capabilities with a view to repositioning the mall and the adjacent owned 37,280 square metres vacant land that has been earmarked for value-enhancing initiatives.<\/p>\n

\u201d Grit noted that the higher transaction price still represents a discount of about 15 percent to the latest independent appraised value of the mall.<\/p>\n

The mall made a loss of $399,000 (Sh54.8 million) in the six months to December 2022, the disclosures show, having recorded revenue of $149,000 (Sh20.4 million).<\/p>\n

Grit acquired its first 50 percent stake in the mall in April 2016 for $4.5 million (Sh618.7 million at current exchange rates) but the subsequent years of ownership have coincided with tough operating conditions for retail space owners in the country due to increased competition as more developers put up similar facilities.<\/p>\n

<\/a>The Covid-19 pandemic also hit demand for retail space, both on account of reduced spending power among consumers and the sharp adoption of online purchases by Kenyans who were shielded physically from the pandemic.<\/p>\n

Other than the mall, the Mauritian firm has been deepening its position in Kenya\u2019s real estate sector with direct and indirect investments in manufacturing facilities, warehouses and a diplomatic housing estate.<\/p>\n

Grit recently broke ground on 10,721 square metres grade A warehouse facility for Orbit Products Africa Limited (OPAL). The new A-grade warehouse follows Grit\u2019s Sh5.16 billion acquisition of the existing 29,243 square metres OPAL facility on a sale and leaseback basis in March 2022.<\/p>\n

The new warehouse development and upgrades to the existing facility will significantly increase OPAL\u2019s manufacturing capability to international standards, improving on capacity and turn-around times,\u201d commented Sachen Chandaria, the Executive Director of OPAL.<\/p>\n

\u201cIt will further allow for product and category extensions, to better service and support the ambitious growth plans of our pan-regional and multi-national customers.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Mauritius-based Grit Real Estate Income Group has revised the price at which it will buy the remaining 50 percent stake in Naivasha\u2019s Buffalo Mall to $2.2 million (Sh308.5 million). The company had earlier disclosed it would spend $2 million (Sh275 million) to take full ownership of the property. The multinational says in […]<\/p>\n","protected":false},"author":84,"featured_media":29991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[233,245,241],"class_list":["post-29992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-mauritius","tag-mauritius"],"yoast_head":"\nMauritius\u2019 Grit increases Naivasha mall buyout price to Sh308 million - Mauritius<\/title>\n<meta name=\"description\" content=\"Mauritius-based Grit Real Estate Income Group has revised the price at which it will buy the remaining 50 percent stake ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-grit-increases-naivasha-mall-buyout-price-to-sh308-million\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mauritius\u2019 Grit increases Naivasha mall buyout price to Sh308 million\" \/>\n<meta property=\"og:description\" content=\"Mauritius-based Grit Real Estate Income Group has revised the price at which it will buy the remaining 50 percent stake ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-grit-increases-naivasha-mall-buyout-price-to-sh308-million\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-26T10:00:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-26T10:44:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2023\/05\/sm_1685081440.427232.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1160\" \/>\n\t<meta property=\"og:image:height\" content=\"652\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-grit-increases-naivasha-mall-buyout-price-to-sh308-million#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-grit-increases-naivasha-mall-buyout-price-to-sh308-million\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Mauritius\u2019 Grit increases Naivasha mall buyout price to Sh308 million\",\"datePublished\":\"2023-05-26T10:00:53+00:00\",\"dateModified\":\"2023-05-26T10:44:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-grit-increases-naivasha-mall-buyout-price-to-sh308-million\"},\"wordCount\":428,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-grit-increases-naivasha-mall-buyout-price-to-sh308-million#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2023\/05\/sm_1685081440.427232.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mauritius\",\"Mauritius\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-grit-increases-naivasha-mall-buyout-price-to-sh308-million#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-grit-increases-naivasha-mall-buyout-price-to-sh308-million\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-grit-increases-naivasha-mall-buyout-price-to-sh308-million\",\"name\":\"Mauritius\u2019 Grit increases Naivasha mall buyout price to Sh308 million - 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