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.
GIAP, established as a joint venture between Growthpoint Properties and Investec Asset Management, announced 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.
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.