- The current investments of Grit Real Estate Investment Group (Grit) & Gateway Real Estate Africa (GREA) to date amounts to Rs. 4.9 Billion and Rs. 1.65 Billion respectively. With the completion of the ongoing projects, combined investments will exceed Rs. 8.6 Billion by 2024.
- The Economic Development Board Mauritius (EDB) met with the leadership teams of Grit and GREA to discuss ways to unlock the potential of the country and to further attract foreign direct investment
- The EDB delegation got first-hand insights into The Precinct, a mixed-use office developed at a cost of Rs. 1.3 Billion, at the entrance of Grand Baie, set to be completed by end of 2022
- The Precinct already leads the way in sustainable development by becoming the first development in Mauritius and the first office development in the Indian Ocean Islands region to be awarded the coveted 5-Star Green rating by the Green Building Council of South Africa (GBCSA).
Grit Real Estate Investment Group (Grit) and its development subsidiary, Gateway Real Estate Africa (GREA) continue with considerable Foreign Direct Investment into Mauritius through real estate investment and development. The investments of Grit and GREA, in the Mauritian economy through their office and hospitality projects over the past 8 years amounts to Rs 4.9 Billion and Rs. 1.65 Billion respectively. With the completion of the ongoing projects, the combined investments will exceed Rs. 8.6 Billion by 2024.
Members of the leadership team of Grit and GREA hosted a delegation of the Economic Development Board (EDB) of Mauritius, led by its CEO, Ken Poonoosamy. During the meeting, both parties discussed the numerous avenues to unlock the potential of the Mauritian economy through further foreign direct investment and create a positive impact for Mauritius similar to the footprint of Grit and GREA in the country.
“Grit and GREA have beautifully fulfilled the ambition that we have, not only by setting up in our Global Business, but also by raising capital through our Stock Exchange and participating in a number of projects in Mauritius and across Africa. We are very impressed by the developments of the group and the kind of impact they are having through their green buildings,” commented Ken Poonoosamy, CEO of the EDB Mauritius.
He added: “We will extend our support to them so they can continue their progression, create more impact and bring even more investment in Mauritius, but also through Mauritius across Africa.”
The CEO of the EDB stated that “the strategy of Grit and GREA is very much aligned with that of the Government of Mauritius, that is, to bring to our shores, key companies that can create an impact for the nation, generating jobs here.”
“We are comforted to know that they will invest more in Mauritius,” concluded Ken Poonoosamy.
Greg Pearson, CEO of GREA commented: “The investment of GRIT & GREA in Mauritius will exceed Rs. 8.6 Billion by 2024. Impact investment is core to our business philosophy, and we are very excited about the difference that our current developments will make in creating jobs and attracting more international companies to Mauritius. For instance, The Precinct is the first building ever in Mauritius and the first office building in the Indian Ocean Islands region to have been certified as a 5-Star rated Green building by the Green Building Council of South Africa. With the worldwide focus on reducing the carbon footprint, we can use this and our other real estate developments on the island to raise Mauritius’ profile to the international business community. Combined with the highly skilled workforce in Mauritius, this can attract international companies to set up operations in Mauritius or it can be leveraged by raising green bonds for similar initiatives.
“We need to point out that we paid our own way in achieving the 5-Star Green rating for The Precinct, as our commitment extends beyond buildings to include sustainability and to add value to the communities and economies in which we operate,” added Pearson.
Krishnen Kistnen, CFO of GREA also commented on the importance of creating impact for Mauritius and Africa with a focus on sustainability. “ESG goals are increasingly becoming key performance measures, driven by funders and tenants. At GREA this is part of our core values and driven from the top down within the structure of the company.
“Our healthcare development in Curepipe is progressing well and, together with the pipeline Oncology hospital will assist in positioning Mauritius as a regional medical hub, further promoting the possibility of medical tourism.”
“We look forward to working with the EDB on how to promote Mauritius and assist in the further development of these other 5-Star Green rating projects,” added Krishnen Kistnen.
For a project to achieve GBCSA certification, it needs to be registered via the GBCSA Certification Engine. Once registered, the development will go through a host of assessments and receive scores based on the management and design of the building. The final score involves an assessment of the building including waste management, land and use ecology, materials used, transportation, indoor environment quality, emissions, and SEC innovation.
The Precinct, which comprises a lettable area of 10 000m2 with 500 parking bays will be anchor
tenanted by Grit and GREA as their new head office. Dentons, the world’s largest law firm, will also be a key tenant, with Workshop 17, a provider of flexible workspace that was awarded Best Co-Working Space at the 2022 Global Startup Awards committing to space.
The development will form part of a larger complex to be developed in phases. With its prime location strategically next to the M2 motorway at the entrance to Grand Baie, The Precinct will ultimately form part one of three interconnected environments, all set in a lush green landscape.
Construction commenced in June 2021 with the breaking of ground and is expected to be completed by the end of 2022.