Grit to exit Letlole la Rona

Prime assets: Letlole la Rona’s portfolio was last valued at P1.2 billion and includes properties such as the Watershed Mall in Mahalapye PIC: LETLOLE.COM
Prime assets: Letlole la Rona’s portfolio was last valued at P1.2 billion and includes properties such as the Watershed Mall in Mahalapye PIC: LETLOLE.COM

Pan-African group, Grit Real Estate, plans to exit its entire investment in Letlole la Rona, after cashing out 6.4 million shares from the local property group on Tuesday, cutting its stake to 11.3%.

Grit, a Mauritius-domiciled entity with roots in London, at one point was the second largest shareholder in LLR with 30% equity, second only to the founding shareholder, the Botswana Development Corporation (BDC) with 40%. However, the real estate group began offloading its shares in December after a heated Annual General Meeting where investors clashed over strategic control of the local property firm.

Some shareholders, BusinessWeek is informed, felt that Grit was exerting too much control over LLR’s 'Go-To-Africa' strategy, the local property group’s much-vaunted push for continental expansion.

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