Pan-African real estate company Grit Real Estate Income Group has finalised a deal with U.S.-based Verdant Ventures to merge their diplomatic housing businesses.
The merger is under a new entity named DH Africa, with Kenya emerging as a key market in the partnership.
Consequently, the agreement brings together major projects, including the Rosslyn Grove Diplomatic Apartment.
Other developments include the Townhouse Complex in Nairobi and the Elevation Diplomatic Residences in Addis Ababa, as well as a new development in Accra, Ghana.
The move is part of Grit’s efforts to streamline its operations under its Grit 2.0 strategy, while scaling up investments in high-security housing for diplomatic missions.
Grit’s Board of Directors confirmed that all outstanding conditions had been fulfilled, making the transaction legally binding.
Also Read: European Bank for Development to Open Offices in Kenya
About the Kenya-based Development
The Rosslyn Grove Diplomatic Apartment and Townhouse Complex, located in Nairobi, is one of the flagship developments now being absorbed into the merged entity, DH Africa.
The project was co-developed by Grit (through GREA) and Verdant Ventures. It serves high-level diplomatic tenants, including embassies and possibly UN personnel, making Nairobi a strategic diplomatic hub.
As part of the deal, Grit will increase its ownership in the Kenyan and Ethiopian housing projects to 99.99 percent and acquire Verdant’s interest in the Ghana development.
In exchange, Verdant will receive 24.7 million new shares in Grit, valued at approximately US$8.4 million (Ksh1.3 billion), giving the U.S. firm a minority stake in DH Africa.
“The combined entity will provide a much larger, specialist platform to better serve diplomatic clients, including the U.S. Government and other sovereign clients,” the statement said.
The transaction is expected to position DH Africa to benefit from the United States’ diplomatic reform plan, which aims to modernise and consolidate overseas operations.
With a strong U.S. partner and strategic assets in Kenya, Ethiopia, and Ghana, the company hopes to attract more foreign clients and investors.
Also Read: How 4 Businessmen Turned Former U.S Embassy into Ole Sereni Hotel
Grit Real Estate Growth Across Africa
In addition to the diplomatic housing merger, Grit Real Estate Income Group continues to strengthen its presence across various real estate sectors in Africa.
The company has recorded steady leasing activity in the retail sector, with improved occupancy at assets such as Anfa Place Mall and reduced vacancy rates in Zambia from 14.2% in June 2024 to 12.9% by May 2025.
Additionally, its hospitality portfolio remains robust, with over 80% occupancy reported at key properties like the Tamassa Resort and Club Med Cap Skirring.
In the office segment, the fully let Precinct in Mauritius and the newly inaugurated Eneo office development at Tatu Central in Kenya, currently 91.6% tenanted, reflect ongoing strong demand for premium commercial space.
Eneo is being positioned as a strategic BPO hub for East Africa.
On the other hand, in the light industrial sector, Grit continues to generate sustainable returns despite macroeconomic challenges.
However, Orbit Products Africa Limited remains a key tenant in Kenya, although the sector is facing some pressure from currency devaluation.
Meanwhile, diplomatic and corporate accommodation demand remains healthy, bolstered by the recent DH Africa merger and evolving U.S. foreign policy priorities.
Follow our WhatsApp Channel and X Account for real-time news updates.
For the reason that the admin of this site is working, no uncertainty very quickly it will be renowned, due to its quality contents.