GHANA: GIAP Begins Expansion

GHANA: GIAP Begins Expansion

Growthpoint Investec African Properties (GIAP), the pan-African land investment business managed by Growthpoint Investec African Property Management, has begun executing on it’s strategic plans to aggregate a top quality portfolio of prime income-producing commercial assets in Africa.

The news came after South Africa’s largest listed specialized shopping centre real estate investment trust, Hyprop announced on AttAfrica Limited, in which it owns a 37.5 percent stake, that it had agreed to dispose of its interest in Achimota Retail Centre in Ghana.

GIAP established as a joint venture between Growthpoint Properties, the largest real estate group in South Africa 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 dealing marks the first of a pipeline of assets presently 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 such as, 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.

Achimota Retail Centre has been acquired from AttAfrica, a joint venture of JSE-listed REITs Attacq Limited and Hyprop Investments Limited, and certain minority shareholders. Thomas Reilly, MD of Growthpoint Investec African Property Management, stated that;

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. 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 vital momentum at the instant, and we expect this to aid the delivery of sustainable long-term investor returns.”

The second transaction is expected to be finalised within the next month, after which further details will be made available.

GIAP is anticipated to assist the event of native African land markets and to contribute to the
wide-ranging biological process impact that land will have in such markets.

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