Debt-distressed Mauritius-based property developer Grit Real Estate Income Group is set to sell all its investments, including Sh20 billion in assets in Kenya, among them the Buffalo Mall in Naivasha and Rosslyn Grove estate in Nairobi, which hosts the US Embassy staff.
Grit, whose lenders include South Africa’s Standard Bank Group, Absa Bank Kenya and NCBA Group, says it faces higher finance costs at a time when the value of its real estate assets has declined significantly.
