Grit’s Standard Bank-led refinancing will help fund Club Med in Senegal

By David Whitehouse
Posted on Tuesday, 1 November 2022 06:00

REUTERS/Regis Duvignau

A refinancing of debt held by Africa-focused property investor Grit Real Estate led by Standard Bank will help pay for the revamp and expansion of assets operated by Club Med in Senegal, Grit’s chief strategy officer Darren Veenhuis tells The Africa Report.

Seven existing debt facilities have been converted into a new loan and revolving credit facility for up to $306m. The transaction covers Grit’s assets and debt facilities in Mauritius, Mozambique, Zambia, Ghana and Senegal. The transaction is due to be finalised by the end of October.