It was recently announced that in the first quarter of 2016, Momentum and Eris Property Group have allocated more than $308-million to real-estate investments in West Africa. The Momentum Africa Real Estate Fund (also known as MAREF) will be making four investments in the region – two in Ghana and two in Nigeria.
The Momentum Africa Real Estate Fund has a target of an 18% minimum return over its eight-year lifespan. The fund is aimed at developing retail, commercial and light industrial real estate in sub-Saharan Africa, with the exclusion of South Africa.
The investment in Ghana will comprise $88-million that will be split between two office developments, each ±11 000 m². In Nigeria they will invest $220 million in two large mixed-use developments, one in Abuja and the other in Lagos. This is in response to client demand to capitalise on Africa’s growing need for quality retail, office and industrial real estate that is driven by strong growth in GDP as well as a fast-growing population that is rapidly gaining increased spending power and migrating to urban areas.
The fund aims to cap aggregate commitments to the value of $250-million by fund close in July this year. This is well on track by current performance, with the fund having raised $50-million by February 2015 and an additional $100-million by August 2015.
In 2015, the property group was also reviewing future projects in Ghana, as well as Mauritius, Rwanda, Nigeria, Mozambique and Zambia.
Just like Mobus, these companies have realised the unique opportunities opening up in investing in real-estate in the region. Mobus is currently developing various commercial, residential and industrial properties comprising over 150,000 m² in both Ghana and Nigeria. Don’t fall behind – contact Mobus today to grab this golden opportunity!
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