By: Masahudu Ankiilu Kunateh
Actis, the most experienced private equity real estate investor in sub-Saharan Africa, has confirmed the signing of a joint venture agreement with Mabani Holdings Ghana Limited, a leading real estate development company with an extensive property portfolio in Ghana and West Africa.
The joint venture will see Actis and Mabani Holdings Ghana Limited working together on a 70,000 sq metre mixed-use office, hotel, residential and retail development on a seven acre site in central Accra. The project is already in advanced design development and is expected to break ground in the first quarter of 2014.
Actis Head of Real Estate, David Morley said: ‘This latest development will be Actis’s third real estate project in Ghana following the success of Accra Mall, and One Airport Square which will be completed in mid-2014. We are delighted to partner with Mabani, a company with a long track record in West Africa and one which shares our vision of the investment opportunity in Ghana and our commitment to developing quality, sustainable real estate.’
Ghassan Yared, CEO of Mabani Holdings Ghana said, ‘This partnership is testament to our belief in the dynamism and viability of the Ghanaian economy and our desire to contribute to and support the ongoing development of our Country. We are proud to be associated with Actis and its outstanding record in real estate development in sub-Saharan Africa, and look forward to bringing world class, quality commercial and residential development to Ghana.”