Growthpoint Investec African Properties steps up its acquisition trail in Africa

Posted On Tuesday, 06 August 2019 12:03 Published by
Rate this item
(0 votes)

Growthpoint Investec African Properties (GIAP), the pan-African real estate investment business managed by Growthpoint Investec African Property Management, has advanced the execution of its strategy to aggregate a quality portfolio of prime income-producing commercial assets in select cities across Africa.

 -THOMAS-REILLY-

GIAP, established as a joint venture between Growthpoint Properties and Investec Asset Management, announced today that it has successfully concluded the acquisition of 100% of Manda Hill Shopping Centre (Manda Hill), a prime shopping centre in Lusaka, Zambia.

This transaction follows the recently announced acquisition of Achimota Retail Centre in Ghana, which was acquired approximately a month ago. The acquisition of Manda Hill marks the second key acquisition for the business and forms part of a pipeline of assets currently being negotiated for acquisition by GIAP. Manda Hill, located in central Lusaka, includes approximately 42,000sqm of retail space occupied by more than 120 retailers, including prominent tenants such as Shoprite, Game, Woolworths, Ackermans and Mr Price.

GIAP expects to announce progress regarding further acquisitions in due course.

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 expected to be fully invested by the end of 2019, with property investments focussed on the office and retail sectors.

Manda Hill 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, says, “GIAP has successfully acquired Manda Hill, an asset which is widely regarded in the industry as a benchmark and that we believe is considered to be one of the top-performing retail assets on the African continent. The asset was originally developed roughly two decades ago and has matured over this time, demonstrating resilience to differing market cycles.”

Reilly adds, “We are excited to again take advantage of a highly attractive entry-point into another key city which we believe has the potential to offer strong growth prospects. This acquisition extends our very considered asset acquisition strategy, resulting in the well-timed addition of another quality yielding asset to the portfolio at a competitive price. The business is enjoying significant momentum, and we expect this to aid in the delivery of sustainable long-term investor returns.”

GIAP is expected to support the development of capital markets for real estate as an asset class across the countries in which it operates, thereby contributing to the wide-ranging developmental impact which the real estate sector can have in such markets.

Last modified on Tuesday, 06 August 2019 12:13

Most Popular

Mall of Africa Celebrates Launch of New Generation Pick n Pay Store

Sep 23, 2019
 MOA PNP  1
Today Mall of Africa welcomed one of South Africa's biggest grocery retailers to the…

Exemplar REITail Acquires Katale Square Shopping Centre

Sep 23, 2019
 JASON MCCORMICK
Real estate investment trust, Exemplar REITail, has acquired Katale Square shopping…

City of Joburg Housing Development wins UN award

Sep 17, 2019
 MESHACK VAN WYK
The City of Johannesburg’s Housing department has won a Sustainable Cities and Human…

Mixed-use is the key to funding hotel development in Africa

Sep 17, 2019
 XANDER NIJNENS
JLL’s research into global property transactions reveals that in the first half of 2019,…

Grit Real Estate financial results for the year-ended 30 June 2019

Sep 30, 2019
 BRONWNY CORBETT
London Stock Exchange listed Grit, the only listed Africa-focused income distribution…

Please publish modules in offcanvas position.