Actis and Mabani Holdings join hands to boost real estate development in Ghana
Actis, a private equity real estate investor in sub-Saharan Africa, has signed a joint venture agreement with Mabani Holdings Ghana Limited, a leading real estate development company with a property portfolio in Ghana and West Africa.
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The move is aimed boosting real estate development in Ghana.
The two companies intend to work together on a mixed-use office, hotel, residential and retail development on a seven acre site in Accra.
The project is already in advanced design development and is expected to break ground in the first quarter of 2014.
Actis Head of Real Estate, David Morley explained that the development will be their third real estate project in Ghana following the success of Accra Mall, and One Airport Square which will be completed in mid-2014.
"We are delighted to partner with Mabani, a company with a long track record in West Africa and one which shares our vision of the investment opportunity in Ghana and our commitment to developing quality, sustainable real estate.”
Ghassan Yared, CEO of Mabani Holdings Ghana on his part said, the partnership was a testament to their belief in the dynamism and viability of the Ghanaian economy and their desire to contribute to and support the development of the Country.
"We are proud to be associated with Actis and its outstanding record in real estate development in sub-Saharan Africa, and look forward to bringing world class, quality commercial and residential development to Ghana."