Actis raises $278m for retail, office buildings in Ghana, others

Private equity real estate investor, Actis says October 9, 2012 it has raised a total of $278 million from its closed fund, the Actis Africa Real Estate 2.

Actis, in a statement, said the fund will focus on retail and office developments in East, West and Southern Africa and that its real estate team has already “established a visible portfolio for the fund with developments in Kenya, Ghana, Nigeria and Zambia.”

These, according to the investor, include Ghana’s first green office building known as the One Airport Square in Accra, and East Africa’s largest retail centre, Garden City in Nairobi.

David Morley, Head of Real Estate at Actis said “Sub-Saharan Africa has a population of 800 million people and is the fastest urbanising region in the world but a lack of capital often constrains real estate development.

Since 2006, Actis has developed ten institutional quality assets in five countries in sub-Saharan Africa including Ikeja City Mall and The Palms in Lagos, and Accra Mall in Accra.

By Ekow Quandzie