Grit's Sh20.9bn Kenya Property Empire Under Pressure as LSE Suspension Persists
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Grit Real Estate Income Group, which owns malls, luxury homes and offices in Kenya valued at over Sh20 billion, remains suspended from the London Stock Exchange over delayed financial results.
A Mauritius-based property firm that owns malls, luxury homes and office blocks in Kenya valued at over Sh20 billion remains suspended from the London Stock Exchange (LSE) following delays in publishing its financial results. Grit Real Estate Income Group, which owns properties such as Naivasha's Buffalo Mall and Rosslyn Grove that hosts US Embassy staff, was suspended from trading at the LSE and the Stock Exchange Mauritius (SEM) from May 1 for failing to file its financial statements.
The UK's Financial Conduct Authority (FCA) said Grit had requested the suspension of trading of its shares to enable it to put its house in order. The LSE referenced a communique released on 29 April 2026 regarding the company's request for a temporary suspension of its listing following a delay in the publication of its audited financial results for the 18-month period ended 31 December 2025.
In its unaudited financial results for the year ending June 2025, Grit reported a loss of $65.42 million (Sh8.5 billion), reflecting tough operating conditions. In Kenya, the company said the challenging economic environment impacted the operations of Orbit Products Africa Limited, resulting in a reduced space requirement and a renegotiation of rental terms at lower rates. Grit also said it has faced costly loans in Kenya ranging between 15 and 20 percent, constraining access to affordable finance and delaying its development pipelines and lease commitments.
By June last year, Grit owed Absa Bank Kenya Sh4.5 billion, NCBA Bank Kenya Sh3.9 billion, Stanbic Bank Kenya Sh3.3 billion and Sh503 million to the Housing Finance Corporation, with all the loans from Kenyan lenders in US dollars and totalling $94.9 million. The largest, a $35 million loan from Absa Bank Kenya, was issued to DH3 Kenya Ltd, the beneficial owner of Rosslyn Grove, a property with 90 diplomatic apartments housing US Embassy staff. NCBA's $30.4 million loan went to Grit Services Ltd, while Stanbic's $25.7 million loan was issued to Gateway CCI Ltd, the subsidiary that owns Eneo at Tatu City.
The suspension leaves the group's Kenya portfolio, spread across retail, residential and commercial assets, facing continued uncertainty as it works to publish its outstanding results and restore trading in its shares.