Grit Real Estate Income Group Ltd. has received a significant financial boost as Africa's largest pension fund, the Public Investment Corporation (PIC), commits $48.5 million to support its $100 million capital-raising initiative.

This investment aims to enhance Grit's Gateway Real Estate Africa unit, which will oversee property development across the continent, excluding South Africa.

The PIC, which manages approximately 3 trillion rand ($165 billion) for the Government Employees Pension Fund of South Africa, is positioning itself as a major player in the continent's real estate sector.

This partnership highlights the increasing interest in African property markets and the potential for substantial returns in the region's development landscape.