Grit REIG AII

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The proposed investment is a US$30 million subscription in subordinated notes issued by Africa Impact Industrial, currently renamed to Bora Africa (“Bora” or the “Company”), a wholly owned subsidiary of Grit Real Estate Income Group Limited, a public company headquartered in Mauritius (“Grit” or “GREIG”). Grit sees significant opportunities in the industrial real estate sub-sector and is creating a REIT-like vehicle, Bora Africa, which will invest in warehousing, prime logistics, light industrial, manufacturing, storage facilities, data centres and digital infrastructure real estate assets in Sub Saharan Africa (SSA). Grit will contribute its existing industrial portfolio of assets currently worth ~US$92 million (the “Seed Assets”), including: (i) Imperial Warehouse (Kenya), tenanted by Imperial Health Sciences, a SSA leader in healthcare supply chain management; (ii) the Orbit Facility leased to a leading household chemicals manufacturer in Nairobi; (iii) Bolloré Warehouse (Mozambique) tenanted by one of the world’s largest logistics groups; and (iv) three land bank assets in prime industrial nodes ready for greenfield development (Kenya). Bora Africa will then raise additional financing to execute a ~US$192 million pipeline of acquisition  and new asset development opportunities in SSA. Grit is seeking IFC’s funding to support the acquisition and development of the industrial pipeline assets in Kenya, Mauritius and Nigeria (the “Pipeline Assets”). The balance of the financing required for the Pipeline Assets will be provided by Grit and co-investors in the form of equity and by private financial institutions in the form of senior debt.