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Grit Real Estate to buy Ghanian asset for $36M

Grit Real Estate Income Group, through a wholly owned unit, agreed to buy a 50% stake in an office complex, and the corresponding rental enterprise on the property, for $36.0 million from CADS Contract and Services Ltd. and CADS Developers Ltd.

The 100%-occupied CADS II Building has 7,262 square meters of gross leasable area and sits on 1.50 acres at Plot No. 70 Block 06 Section 112 on the George Walker Bush Highway in North Dzorwulu, Accra, in Ghana.

The purchase price will comprise $21.0 million in equity and $15.0 million of debt financing.