PROJECT

Projects

Summary of Investment Information

Project Number

45002

Company Name

STELLAR WAREHOUSING AND LOGISTICS LIMITED

Date SPI Disclosed

Apr 29, 2021

Country

Kenya

Region

Africa

Projected Board Date

May 28, 2021

Environmental Category

B - Limited

Status

Active

Last Updated Date

Jun 11, 2022

Department

Regional Industry - MAS Africa

Industry

other

Previous Events

Approved : Jun 17, 2021
Signed : Jul 1, 2021
Invested : May 27, 2022

Sector

other

Project Description

The proposed investment is a US$25.0 million A Loan (“the IFC Loan”) to a Kenyan subsidiary of Grit Real Estate Income Group Limited (“the Group”, “the Guarantor”, “GREIG”), a Mauritius-based listed (London Stock Exchange (LSE), Premium Segment, and Stock Exchange of Mauritius (SEM)) real estate investment company with REIT type characteristics building a diversified portfolio of income generating properties across Africa. GREIG will use the IFC Loan to finance a sale-lease back transaction, which comprises:

i) the acquisition of an industrial facility (“the Existing Facility”) with vacant land in Nairobi, Kenya from its current owner with the immediate lease back of the existing premises to Orbit Products Africa Limited (“OPAL”); and ii) the refurbishment of the Existing Facility as well as construction of new premises on the vacant land (“the Additional Facility”), which will be similarly occupied by OPAL on a long term lease upon successful completion (“the Project”). OPAL is an established regional manufacturer of popular personal care and home care products for multi-national clients in East Africa.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation