Thursday 23 November 2017

Real estate investment in Africa planned to facilitate growing international demand

Actis LLP, a private-equity company based in London, will spearhead investment of up to $1.5 billion in the African commercial property sector to meet rising demand from international companies targeting the growing African middle class.

Real estate investment in Africa planned to facilitate growing international demand

Nelson Mandela Square shopping centre in Johannasburg

July 8, 2013

In an interview in Johannesburg recently, Kevin Teeroovengadum, director of Actis’ sub-Saharan Africa real estate unit, said they were seeing interest from European retailers wanting to tap-into the emerging middle-class in fast-growing economies such as Nigeria, Ghana and Kenya.

Actis plans to invest in projects including shopping centres, office towers and industrial parks to be completed during the next five years.

The company will use the proceeds of its second African real estate fund that raised $280 million last October, with the remaining investment coming from commercial partners and loans.

According to Teeroovengadum, Actis has already invested the proceeds of an initial $155 million real estate fund in malls and office buildings in Ghana, Nigeria, Kenya, Botswana and Mauritius.

Investment in the oil industy is largely behind Nigeria's growth

The African Development Bank has predicted Africa’s economy, excluding Libya and Somalia, is forecast to expand 4.5 percent in 2013 and 5.2 percent in 2014, due mainly to a rise in oil and mining projects as well as direct investment from foreign companies.

Nigeria, the continent’s most populous country, grew 6.6 percent in the first quarter of 2013 while South Africa, the continent’s biggest economy, expanded by an annualized 0.9 percent.

Teeroovengadum also reported that Spanish fashion chain Zara, and Arcadia Group Ltd.’s Topshop are among European chains with African expansion plans.

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