Grit, the only listed Africa-focused distribution group to offer international property investors direct access to immediate high growth opportunities on the African continent outside of South Africa, has completed the acquisition of an effective 80.1percent interest in a corporate residential complex in Maputo in Mozambique for $61.9million (R880.46m).

It acquired the shareholding in Cognis, the sole owner of the complex known as Acacia Estate, from listed property company Tradehold.

The disposal by Tradehold formed part of its strategy to reduce its exposure to Africa outside of Namibia and South Africa to allow it to concentrate on growing its portfolios in South Africa and the UK, which together represented more than 90percent of its property business.

The Acacia Estate provides 18400m2 of gross lettable area and was completed about two years ago for $49.7m. The residential units in the complex were let on long-term leases to the US Embassy in Maputo and the US oil-exploration company Anadarko.

Shares in Grit rose 5.56percent yesterday on the JSE to close at R19, while shares in Tradehold ended the day flat at R12.99.