NCBA Bank Kenya lent Kes 1.3 billion to Mauritius-based real estate firm Grit Services Limited in the year ended June.

The lender becomes the second 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.

Further, its other lenders include Nairobi-based Housing Finance Corporation, which owed Kes 284 million in the review period, representing 0.49 percent of the group’s total bank debt.

Grit took two credit facilities from NCBA –Kes 803 million and Kes 510.8 million.

The NCBA loans amount to 2.27 percent of the multinational’s total debt. The company's biggest lender is Standard Bank Group which owes Kes 23.3 billion.

The multinational said it recently consolidated its borrowings in multiple African markets in one of the continent's largest debt restructurings, which Standard Bank handled.

“On 19 October 2022, the group concluded a syndicated sustainability linked cross-collateralized debt refinancing facility of up to Kes 37.5 billion, refinancing seven existing debt facilities of Kes 34.2 billion of existing debt facilities across Mozambique, Zambia, Ghana, and Senegal, agreed on a corporate revolving credit facility and secured additional funding for the future redevelopment of Club Med, Senegal,” the company said.

“The landmark transaction, the largest sustainability-linked real estate largest debt transaction in Sub-Saharan Africa (ex-South Africa) creates for Grit increased diversification and tenor in its debt, with optimal funding costs and a scalable long-term debt solution.”

The real estate multinational has interests in Nairobi’s US embassy gated estate, Imperial Warehouse, Orbit Africa, and Naivasha’s Buffalo Mall.

Further, the company owns 50 percent of the Buffalo Mall, 70 percent of Orbit Africa, and wholly owns the Imperial warehouse.