GRIT Real Estate completes on Senegal hotel
Club Med Cap Skirring Hotel
GRIT will end up paying €16.2m for the Club Med Cap Skirring hotel in Senegal. A completion agreement was signed on 27 January 2020 with Club Med SAS and the fund took transfer of the shares in the controlling company and effective ownership of the Cap Skirring Hotel asset on that date. Subject to approvals, the company expects to start renovation and development works by the end of March, the cost of these is capped at a cost of €28m.
They say “The large-scale renovation project of the 4-trident hotel, which has traded successfully since opening in 1971, will re-position the resort in line with modern standards and provide an unrivalled offering in the Senegalese leisure market.”
When the work is finished, the lease term will be renewed in the form of a 12-year triple net Euro lease underpinned by a Club Med parent company guarantee.
Additional corporate accommodation at VDE housing estate, Tete, Mozambique
GRIT engaged Vale Dos Embondeiros Limitada (“VDE”) to deliver 60 additional corporate accommodation units on the 25-hectare property owned by the company in Tete, Mozambique, adding to the 142 corporate accommodation units (which are leased on a long-term basis).
The 60 additional units were handed over from October through December 2019, with Vale Mocambique Limitada taking occupation on the back of a newly executed five-year US$ lease. The development was completed on programme and within the budgeted US$13.7 million contract value.
Knight Frank’s formal valuation of the additional 60 units in December 2019 has been confirmed at US$17.35 million, representing a valuation uplift over the value at 30 June 2019 of US$3.65 million (an increase of 26.6%).
St Helene and Coromandel Hospitals, Mauritius
The transaction related to this deal is still expected to complete by 31 March 31 March 2020. Subject to regulatory approvals, development works should start towards the end of Q1 2020.
50% stake in PWC and Huawei head office in Accra, Ghana
The target completion date has been extended to 28 February 2020 (previously 31 December 2019). Simultaneously, GRIT’s exclusivity over the opportunities with Goldkey Properties Limited has been extended until 28 February 2020.
100% shareholding in Orbit warehouse, Nairobi
The target closing date of this transaction remains 31 March 2020.
GR1T : GRIT Real Estate completes on Senegal hotel