Law firm Stephenson Harwood LLP has recently advised GRIT Real Estate Income Group Ltd. (GRIT) on a US$306 million debt refinancing and syndication, with Standard Bank as the sole mandated lead arranger.

This multi-jurisdictional sustainability-linked transaction involving GRIT – a real estate investment company listed on the LSE and the Stock Exchange of Mauritius – is reported to be the largest real estate industry matter in sub-Saharan Africa (excluding South Africa).

The seven existing debt exposures are being consolidated into the single cross-collateralized financing, which is secured on assets in Mozambique, Zambia, Ghana and Senegal. The proceeds of the loans will be used to replace GRIT's existing debt arrangements and for a redevelopment project in Senegal.

Interest payments under the facilities are linked to GRIT's carbon-emissions reduction and gender-equality targets.

Stephenson Harwood has previously acted for GRIT on a number of ground-breaking transactions, including its July 2018 London IPO.

The Stephenson Harwood team was led by partners Jeremy Grant and Sean Crowley, who were supported by associate Katharine Wheatcroft.