Growthpoint Investec African Properties begins its acquisition trail into Africa
It acquires a shopping centre in Ghana.
Pan-African real estate investment trust (Reit) Growthpoint Investec African Properties (GIAP) has concluded the acquisition of 97.5 percent in Achimota Retail Centre, a prime shopping centre in Accra, Ghana.
The asset was acquired from AttAfrica, which is a joint venture (JV) between JSE-listed Reits Attacq and Hyprop Investments, with other smaller stakeholders.
GIAP, a JV between Growthpoint Properties and Investec Asset Management, has begun aggregating a portfolio of prime income-producing commercial assets in select cities across Africa.
GIAP is expected to aid the development of local African real estate markets.
The company on Monday said this acquisition marked the first of a pipeline of assets that were being pursued by GIAP. A second transaction is expected to be finalised within the next month.
The Achimota centre comprises about 15 000 m2 of retail space, which is occupied by more than 50 retailers, including Game, Shoprite, Mr Price, Pizza Hut and KFC.
GIAP hopes to aid the development of local African real estate markets and to contribute to the wide-ranging developmental impact that real estate can have in such markets.
“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,” said Thomas Reilly (pictured) , the MD of Growthpoint Investec African Property Management.
“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.”