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Home Real Estate

NCBA Bank extends $6.8 million credit to Grit real estate in fiscal year 2023

Editor SharpDaily by Editor SharpDaily
November 6, 2023
in Real Estate
Reading Time: 2 mins read

In the fiscal year ending in June 2023, NCBA Bank Kenya extended an additional $6.8 million (KES 1.0 billion) in credit to Grit Real Estate, a Mauritian real estate firm.

The dollar-denominated credit facilities increased from $10.7 million (KES 1.6 billion) in 2022 to $17.5 million (KES 1.6 billion) in 2023. These loans are linked to transactions in the US treasuries markets and carry an annual interest rate of 11.8 percent.

These loan details were disclosed by Grit Services’ parent company, Grit Real Estate Income Group, which has been expanding its investments in Kenya and other regional property markets. Its assets in Kenya include Buffalo Mall in Naivasha, the US embassy’s gated estate in Nairobi, Imperial Warehouse, and Orbit Africa’s manufacturing facilities.

Furthermore, the multinational is currently constructing a five-story office tower named Eneo in Tatu City through its development affiliate, Gateway Real Estate Africa (GREA).

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The project incorporates sustainable building practices, such as the use of local materials and the optimization of natural light and airflow. This project is a result of a strategic partnership between GREA and Rendeavour, the development company that owns Tatu City.

Grit Real Estate has a Revolving Credit Facility (RCF) with NCBA Bank, allowing them to borrow, repay, and borrow again on an ongoing basis. In October 2023, Grit Services Limited drew an additional $3.9 million (KES 217.7 million) from NCBA Bank Kenya, utilizing the existing NCBA RCF facility, which amounted to $8.0 million (KES 1.2 billion).

Borrowings from NCBA accounted for 3.8 percent of the firm’s total debt in the fiscal year ending in June 2023. Grit, primarily financed by South Africa’s Standard Group, has been diversifying its banking relationships as part of its strategy to expand into various markets across the continent. The NCBA loans are secured by the properties owned by Grit in the country. Grit has recently opened a new representative office in Kenya as it aims for further expansion in the country.

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