Ashburton Investments announces $250m first close of RMB Westport Real Estate Development Fund II

Posted On Wednesday, 09 March 2016 12:58 Published by
Rate this item
(1 Vote)

Ashburton Investments is pleased to announce the first close of the RMB Westport Real Estate Development Fund II (Westport II), raising just under USD250m of the USD450m target. 


Ashburton Investments provided significant support with fundraising for the first close with eight of the firm’s offshore and South African institutional clients investing in the fund to date.

Westport II is RMB Westport’s second African real estate focused fund, the proceeds of which will be used to invest in real estate developments in sub-Saharan Africa, with a focus on Nigeria, Ghana, Angola and the Ivory Coast.  The developments will be built to meet the growing demand for high-grade commercial, retail and industrial property in these and surrounding countries.

RMB Westport’s first fund which held a final close in 2012 is now fully invested in eleven projects, five of which have been completed. 

Simon Fifield, CEO of RMB Westport commented on the close:  “Despite a number of macro-economic headwinds in certain of the territories in which we operate, strong long- term growth prospects, coupled with favourable demographics, and the pleasing trends of increasing urbanisation and consumer spending have all led to high demand for retail, industrial and commercial property space. It is a credit to the mature, long-term view adopted by our investor base that we have been able to secure such a substantial amount of capital on the first close.”

Commenting on the news, Boshoff Grobler, CEO of Ashburton Investments said: “Ashburton Investments is proud to be associated with RMB Westport as it announces a successful first close of Westport II. Ashburton Investments has been instrumental in raising the capital as part of the first close and we look forward to continue working with the RMB Westport management team to reach the target close within the next 12 months.”

The successful first close follows RMB Westport’s recent exit of the Ikeja City Mall (a fund 1 investment), which was sold to South African institutional investors. 

Tim Diack, Head of International Distribution at Ashburton Investments said: “We are delighted that Westport II has attracted such high calibre private and public sector investors. This is testament to the expertise of the RMB Westport team whose significant local experience and expertise give them the ability to execute on their strategy.”

Last modified on Wednesday, 09 March 2016 13:42

Most Popular

Tshwane Regional Mall Grand Opening date set

Aug 31, 2019
24th October 2019, the long-awaited day earmarked for the grand opening of Tshwane…

Attacq Ltd and Tricolt break ground on Ellipse Waterfall

Aug 30, 2019
 13 2
Today Attacq Ltd the JSE listed REIT developing Waterfall City, and Waterfall Logistics…

Founder Marc Wainer retires from Redefine Properties

Aug 31, 2019
JSE listed diversified real estate investment trust Redefine Properties today announced…

Redefine Properties appoints Daisy Naidoo as independent non-executive director

Aug 30, 2019
Redefine Properties appoints Daisy Naidoo as independent non-executive director.

Eris Property Group appoints successive CEO Barend de Loor

Aug 30, 2019
Eris Property Group has appointed a new Chief Executive Officer (CEO). Barend de Loor…

Please publish modules in offcanvas position.