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Standard Bank partners with Grit in largest sustainability linked real estate transaction in sub-Saharan Africa

19 Oct 2022

Country
South Africa
Year
2022
Sector
Real Estate
Business Unit
Real Estate Finance
Specific Role
Mandated Lead Arranger and Bookrunner

Standard Bank is proud to announce that it has recently partnered with Grit Real Estate Income Group to provide them with a USD306-million sustainability linked term loan and revolving credit facility, which will be the largest sustainability linked real estate transaction in sub-Saharan Africa.

Grit is a leading pan-African real estate company focused on investing in and actively managing a diversified portfolio of assets in carefully selected African countries (excluding South Africa). The group partners with multinational blue-chip tenants across their real estate needs in Africa (excluding South Africa) and is focused on a range of property sectors including corporate offices, retail shopping centres, hospitality assets, logistics and distribution warehouses and corporate accommodation.

Standard Bank was appointed as the sole mandated lead arranger to restructure and refinance USD306 million of facilities, which included some additional development funding. The facility is sustainability linked, which is focused on encouraging Grit to make positive social, environmental and economic changes in how they manage their business.