Kenyan bank lends Rs470 million to Mauritius-based real estate firm

NCBA Bank Kenya has reportedly lent $10.7 million (Rs470 million) to Mauritius-based real estate firm Grit Services Limited in the year ended June, becoming the second Kenyan bank to fund the property investor.

Grit Services Limited is the main subsidiary of Grit Real Estate Income Group which disclosed details of its global borrowing in its latest financial results.

According to Business Daily, Grit’s other lenders include Nairobi-based Housing Finance Corporation which owed $2.3 million (Rs101million) in the review period, representing 0.49% of the group’s total bank debt.

Grit took two credit facilities from NCBA –$6.54 million (Rs287.6 million) and $4.15 million (Rs182.4 million).

The NCBA loans amount to 2.27% of the multinational’s total debt.

Grit’s biggest lender is Standard Bank Group which it owes $190 million (Rs8.35 billion).

Source: Business Daily