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28 Oct 2022

Stephenson Harwood advises GRIT on US$306 million debt financing


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.



Rose Charteris

Senior communications & PR executive

T: +44 20 7809 2961 
Email Rose

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