Top African Fund Manager Backs Grit’s $100 Million Property Push
- Public Investment Corp. provides $48.5 million in cash
- Real estate firm to sell non-core assets to simplify structure
The GEPF is a consistent backer of some of the largest property developments on the continent, including the V&A Waterfront in Cape Town.
Photographer: Zhang Yudong/Xinhua/Getty ImagesThis article is for subscribers only.
Africa’s biggest pension fund is backing Grit Real Estate Income Group Ltd.’s $100 million capital-raising push for the property company’s real estate unit on the continent.
The Public Investment Corp., which manages about 3 trillion rand ($165 billion) in savings for the Government Employees Pension Fund of South Africa, is providing London-listed Grit with a $48.5 million cash injection for its Gateway Real Estate Africa unit that will be responsible for all property development on the continent outside of South Africa.