Growthpoint Investec African Properties begins its acquisition trail into Africa

Posted On Tuesday, 02 July 2019 12:35 Published by
Rate this item
(0 votes)

Growthpoint Investec African Properties (GIAP), the pan-African real estate investment business managed by Growthpoint Investec African Property Management, has begun executing on its strategy to aggregate a quality portfolio of prime income-producing commercial assets in select cities across Africa.

 -THOMAS-BEILY-

GIAP, established as a joint venture between Growthpoint Properties and Investec Asset Management, announced today that it has successfully concluded the acquisition of 97.5% of Achimota Retail Centre, a prime shopping centre in Accra, Ghana.

This transaction marks the first of a pipeline of assets currently being negotiated for acquisition by GIAP. Achimota Retail Centre in north-eastern Accra includes approximately 15,000sqm of retail space occupied by more than 50 retailers, including big names Game, Shoprite, Mr Price, Pizza Hut and KFC.

GIAP also expects to announce a further acquisition of another key asset in the near term.

In 2018, GIAP secured capital commitments of more than US$212 million from several large institutional and international investors. Given the current pipeline of assets under discussion, GIAP’s capital is likely to be fully invested by the end of 2019, and its investments further diversified across the office, retail and industrial sectors.

Achimota Retail Centre has been acquired from AttAfrica, a joint venture of JSE-listed REITs Attacq Limited and Hyprop Investments Limited, and certain minority shareholders.

Thomas Reilly, MD of Growthpoint Investec African Property Management, says, “GIAP has strategically timed its entry into the market to take advantage of a highly attractive entry-point into key cities which we view as offering strong growth prospects. We have adopted a very considered asset acquisition strategy with the result of being able to source quality yielding assets at very competitive prices. The business is enjoying significant momentum at the moment, and we expect this to aid the delivery of sustainable long-term investor returns.”

The second transaction is expected to be finalised within the next month, after which further details will be made available.

GIAP is expected to aid the development of local African real estate markets and to contribute to the wide-ranging developmental impact which real estate can have in such markets.

 

Last modified on Tuesday, 02 July 2019 12:55

Most Popular

53 Telkom properties coming up for auction

Mar 02, 2020
Orange Grove
GoIndustry DoveBid SA (GoIndustry) is hosting another massive property auction on behalf…

Balwin's Munyaka registers record R850 million in opening weekend sales, selling 555 apartments

Mar 09, 2020
Steve_Brookes_Balwin_Properties
JSE listed Balwin Properties, a developer that cares about environmentally responsible…

Young buyers driving residential property market in Bloemfontein

Mar 04, 2020
Bloem Willows
Bloemfontein is experiencing a surge in residential property transactions concluded by…

Hyprop bolsters Rosebank Mall offering through securing the Checkers Premium FreshX concept

Mar 04, 2020
Rosebank Mall
Shoppers at Rosebank Mall in Johannesburg can look forward to a world-class supermarket…

Fairvest Property Holdings maintains above-inflation growth in challenging market

Mar 02, 2020
Darren Wilder CEO Fairvest Property Holdings
Fairvest Property Holdings Limited (“Fairvest”) today again announced solid results for…

Please publish modules in offcanvas position.