Momentum Africa Real Estate Fund reaches $170 million

Posted On Thursday, 06 April 2017 14:37 Published by
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The Momentum Africa Real Estate Fund (“MAREF”) held its final close on 28 February 2017, raising a total of $170m.

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MAREF is a joint venture between sister companies Momentum Global Investment Management in London and Eris Property Group in South Africa.  Momentum and Eris are both subsidiaries of Johannesburg-listed MMI Holdings Limited, Africa’s third largest life insurer which employs more than 17,000 people across thirteen African countries, London, Windsor, Bristol, Hong Kong, Guernsey and Gibraltar.

Momentum is responsible for the fund raising, investor relations, fund management and operational oversight whilst Eris is responsible for the origination, development, management and exit of MAREF’s assets.

MAREF seeks to achieve an 18% net IRR for its investors by investing in a portfolio of commercial real estate developments (office blocks, shopping malls and warehouses) in sub-Sahara Africa outside of South Africa. 

A total of eighteen investors committed to MAREF including pension funds, institutions and family offices.

David Lashbrook, Head of Africa Real Estate at Momentum Global Investment Management in London said, “We are extremely grateful to our investors for the support they have given for our maiden fund.”

23% of investor capital is currently committed to three projects which include an office block in Mauritius and two office blocks in Accra, Ghana.

Warren Schultze, CEO of Eris Property Group, said “We are very pleased with the three commitments that we have made so far and we are particularly encouraged by MAREF’s swelling investment pipeline in Ghana, Mauritius and East Africa.”

Last modified on Thursday, 06 April 2017 14:53
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